Search Results: TILA

Pennsylvania AG Settles with Student-Loan Debt-Relief Consumer Financing Company

​On August 4, 2020, the Pennsylvania Office of Attorney General (Pennsylvania AG) announced that it reached a settlement with a company providing financing to consumers seeking student-loan debt relief. According to the Pennsylvania AG, the company violated the Pennsylvania Consumer Protection Law and the federal Truth in Lending Act (TILA) through its alleged…

Read More

CFPB Announces $1.1 Million Settlement with California-based Lenders to Resolve Allegations of Unfair and Deceptive Practices

On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it entered consent orders (here and here) against two California-based mortgage lenders, resolving allegations that the lenders violated the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601–1667f, and its implementing regulation, Regulation Z, 12 C.F.R. § 1026.24;…

Read More

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

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

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

CFPB Files Suit Against National Bank Concerning Alleged Unauthorized Accounts

On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against a national bank in the U.S. District Court for the Northern District of Illinois alleging that the bank opened unauthorized accounts and enrolled customers in unauthorized products and services without consumers’ knowledge or consent.  According to the CFPB’s complaint, the…

Read More

FTC Settles with Several Individual and Corporate Defendants Involved in Credit Repair Scheme

FTC

On January 17, 2020, the Federal Trade Commission (FTC) settled with several operators of a credit repair scheme for alleged violations of sections 13(b) and 19 of the FTC Act, 15 U.S.C. §§ 53(b) and 57b, Section 410(b) of the Credit Repair Organizations Act (CROA), 15 U.S.C. § 1679h(b), Section 6(b) of the…

Read More

New York Department of Financial Services Announces Settlement with Unlicensed Mortgage Lender

​On January 10, 2020, the New York Department of Financial Services (DFS) announced that, in concert with the New York Attorney General (New York AG), it had entered into a consent order and settlement with an unlicensed mortgage-lending business to resolve allegations that the business illegally made predatory, subprime loans in…

Read More

CFPB Settlement with Military Travel Loan Lender, Servicer Results in $3.5 Million "Suspended Judgment"

On November 25, 2019, the Consumer Finance Protection Bureau (CFPB) filed concurrent consent orders against a Kentucky-based military travel loan lender (here) and its loan servicer (here). The lender sold and financed airline tickets to military servicemembers and their families from 2010-2016​ by both facilitating financing by other creditors and originating loans itself.  The CFPB…

Read More