On July 6, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed a lawsuit against a Delaware financial services company and the company’s founder in the Southern District of New York. The complaint alleges that the company engaged in deceptive acts and practices under the Consumer Financial Protection Act (CFPA),…
On May 22, 2020, the Consumer Financial Protection Bureau (CFPB) and Massachusetts Attorney General’s Office (Mass AG) announced that they had filed a complaint against a credit repair company and the owner of the company in the U.S. District Court for the District of Massachusetts, alleging that they had engaged in deceptive…
On August 28, 2019, the Consumer Financial Protection Bureau (CFPB) announced a settlement with an Illinois-based debt collection company, resolving allegations that the company engaged in deceptive practices in violation of the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531 and 5536, and the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. §…
On August 14, 2019, the Consumer Financial Protection Bureau (CFPB) and the Office of the Arkansas Attorney General (AG) entered into a proposed stipulated final judgment with three corporations that brokered extensions of credit to consumers, and the co-founder and owner of one of the corporations. The simultaneously filed complaint, filed…
On October 24, 2018, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a Consent Order with a Tennessee-based small dollar lender, resolving allegations that the lender had committed deceptive acts and practices in violation of the Consumer Financial Protection Act (“CFPA”), 12 U.S.C. §§ 5531, 5536(a)(1)(B). The Consent Order…
On July 13, the Consumer Financial Protection Bureau (CFPB) announced that it settled allegations that a Kansas-based debt collector and its CEO engaged in unfair and deceptive acts and practices in violation of the Consumer Financial Protection Act (CFPA) and Fair Debt Collection Practices Act (FDCPA). The CFPB alleged that,…
On March 28, 2018, the Federal Deposit Insurance Corporation (“FDIC”) announced settlements with a bank and an affiliated lender (“Defendants”) relating to allegations of deceptive lending practices. According to the FDIC, the Defendants provided, as “debt-settlement products,” loans to borrowers who were heavily indebted, which loans had settlement fees of up…
On February 7, 2018, the Federal Trade Commission (“FTC”) announced an enforcement action against a student loan debt relief operation, claiming it deceived consumers out of $28 million by falsely promising that their monthly payments would go towards their student loans. In the complaint, filed in the U.S. District Court for the Northern…
On May 25, 2017, Massachusetts Attorney General Maura Healey (“Massachusetts AG”) announced a final judgment and permanent injunction entered in Suffolk Superior Court against an unlicensed online auto title lender, permanently banning the company from operating in Massachusetts and voiding over 200 loans made by the company to Massachusetts borrowers. The judgment also prohibits…
On September 27, 2016, the Kentucky Attorney General announced that on September 15, 2016, a Franklin Circuit Judge ordered a Florida-based student loan company to cease all operations in Kentucky. The Attorney General’s lawsuit was filed after the Attorney General launched an investigation “into the company’s potentially misleading college loan forgiveness claims aimed…