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Mortgage Lender Enters Into Consent Order With CFPB Over Steering Allegations

​On June 4, the Consumer Financial Protection Bureau (CFPB) announced that it had entered a consent order with a regional residential-mortgage lender over allegations that the lender paid bonuses and higher commissions to loan officers for steering consumers into mortgages with higher interest rates.  The complaint, also filed on June 4, alleged that the company…

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Tax-Refund Lender Settles Predatory Lending Claims Brought By CFPB

On April 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it reached a settlement with a New Mexico-based tax-refund lender over claims that the lender steered borrowers to excessively costly products, failed to accurately disclose the APR for loans, and failed to notify the availability of refunds.  The CFPB alleged in…

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California Mortgage Lender Settles With CFPB for Allegedly Deceptive Advertising Practices

On April 9, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced a settlement with a California-based mortgage lender over claims that the lender engaged in deceptive advertising practices. The company allegedly mailed advertisements bearing the logos of the Department of Veterans Affairs and the Federal Housing Administration, ostensibly to give…

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