Search Results: CFPB

CFPB Settles with Three Companies Over Alleged UDAAP and FCRA Violations

CFPB sign

On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it reached a settlement with three companies that issued contracts for deeds with consumers.  According to the CFPB, between 2010 and 2016, these companies allegedly had a business plan of acquiring foreclosed properties in bulk and reselling them to consumers through seller financing…

Read More

CFPB Announces Settlement with Short-term Lenders, Resolving Allegations of Unfair and Deceptive Acts and Practices

CFPB sign

​On June 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with multiple related companies based in Tennessee that offer payday and auto-title loans. The CFPB alleged that the companies made deceptive disclosures, failed to refund overpayments on its loans, and engaged in unfair…

Read More

CFPB Settles with Lender and Student Loan Debt Relief Companies Over Alleged Misuse of Credit Reports

On May 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a proposed stipulated judgment and final order with a California-based mortgage lender and several affiliated individuals and companies (collectively, the “lender”) resolving allegations that the lender had obtained consumer credit reports for an improper…

Read More

CFPB Settles with Colorado Mortgage Servicer for $1.52M for Alleged RESPA Violations

On May 11, 2020, the Consumer Financial Protection Bureau (CFPB) settled with a Colorado-based mortgage servicer that serviced a portfolio of mortgage loans worth approximately $112.69 billion.  According to the CFPB, the Bureau found that the servicer violated the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2601 et seq., and its implementing…

Read More

Michigan AG Settles Lawsuit Against Online Tribal Lender

​On April 16, the Michigan Attorney General (AG) announc​ed that an online tribal lender agreed to an assurance of voluntary compliance, resolving allegations that the lender violated the Consumer Financial Protection Act (CFPA).  Specifically, the state filed suit seeking an injunction prohibiting the lender from offering or providing usurious loans in the…

Read More

CFPB Announces $1.3 Million Settlement With Short-Term Lender Resolving Allegations of Unfair and Deceptive Practices

CFPB sign

On April 1, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an installment-loan lender, resolving allegations that the lender violated the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531(a), 5536(a)(1)(B), Fair Credit Reporting Act (FCRA), 15 U.S.C. §§ 1681 et seq….

Read More

Consumer Financial Protection Bureau Issues Policy Statement Concerning Credit Reporting and COVID-19

CFPB sign

Today, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement for credit reporting companies and furnishers concerning credit reporting guidance during the COVID-19 pandemic. This announcement comes in the wake of the interagency statement encouraging financial institutions to work constructively with borrowers and other customers affected by…

Read More