In the wake of the financial crisis and with the advent of the Consumer Financial Protection Bureau (CFPB), federal and state enforcement officials have increasingly scrutinized consumer financial products and services. In many situations, these officials and agencies coordinate to advance common or similar claims and actions. Against this backdrop, we created the Consumer Finance Enforcement Watch blog – the marketplace’s first resource for real-time reporting on the full range of public federal and state consumer finance enforcement activity. Here, you will also find links to enforcement documents, statistics on the volume and nature of enforcement actions as well as reports and comments on significant enforcement trends and issues.

FTC Announces Settlement with Company Who Allegedly Used Robocalls to Target Cash-Strapped Consumers

On July 24, 2020, the Federal Trade Commission (FTC) announced that it settled charges with the operators of a Florida-based company that allegedly defrauded financially-distressed and often older-adult consumers with deceptive robocalls.  The proposed court order would ban the defendants from selling debt relief services and from all telemarketing based on…

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CFPB Enters Into Consent Order With VA Lender Over Alleged UDAAP Violations

On August 26, 2020 the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based mortgage lender, resolving allegations that the company violated the Consumer Financial Protection Act (CFPA) and Truth in Lending Act (TILA) by engaging in deceptive acts and practices with…

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For-Profit College Ordered to Pay $3 Million in Civil Penalties for Engaging in Deceptive Student Lending Practices

On August 21, 2020, Colorado’s Attorney General announced that the Denver District Court ruled in the state’s favor and found that a for-profit college violated the Colorado Consumer Protection Act (“CCPA”) and the Uniform Consumer Credit Code (“UCCC”) in operating its institutional loan program. The matter was initiated after a two-year investigation that…

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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…

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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;…

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