On December 8, the U.S. Department of Justice (DOJ) announced that it had settled allegations that a Louisiana-based mortgage lender violated the False Claims Act (FCA) through its underwriting of Federal Housing Administration (FHA)-insured mortgage loans. In the lawsuit, which is pending in the U.S. District Court for the Eastern District of Arkansas, the…
On December 6, 2016, the Federal Reserve Board announced that it entered into a consent order with a Pennsylvania bank ordering it to cease and desist deceptive student lending practices, and assessing millions of dollars in civil penalties. According to the order, the state-chartered bank and its agent violated section 5 of…
On December 6, 2016, the Federal Reserve Board announced that it entered into a consent order with a Pennsylvania bank ordering it to cease and desist deceptive student lending practices, and assessing millions of dollars in civil penalties. According to the order, the state-chartered bank and its agent violated section 5 of the Federal…
On November 29, the New Mexico Attorney General (AG) announced that, after a year-long investigation of a national bank, the AG will seek damages on behalf of thousands of New Mexico consumers for whom the bank had created unauthorized banking and credit card accounts. The AG announced that if he cannot reach a resolution with the bank,…
On November 28, the Federal Reserve announced that it had entered into a consent order with a Kansas state bank, resolving allegations that the bank engaged in deceptive residential mortgage lending practices in violation of Section 5 the Federal Trade Commission Act. According to the consent order, the bank’s loan officers often gave borrowers…
Goodwin announced today that Anthony Alexis, the former Head of the Office of Enforcement at the Consumer Financial Protection Bureau, has joined the firm in the Washington, D.C. office as a partner in the Financial Industry Practice and as the head of the firm’s Consumer Financial Services Enforcement Practice. “Tony’s…
On November 15, 2017, the U.S. Attorney for the Southern District of New York (“USAO”) announced that a jury has convicted the owner of an alleged fraudulent lending scheme (the “Defendant”) for one count of conspiracy to collect unlawful debts in violation of the Racketeer Influenced Corrupt Organizations Act (“RICO”); one…
On November 21, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations over the bank’s allegedly harmful student loan servicing practices and requiring it to pay millions in consumer relief and civil penalties. According to the CFPB, the bank engaged…
On November 9, the Department of Justice (“DOJ”) announced its lawsuit against a foreclosure trustee for wrongfully foreclosing on at least twenty-eight servicemembers in violation of the Servicemembers Civil Relief Act (“SCRA”), 50 U.S.C. § 3953. The SCRA prohibits foreclosure on the home of a servicemember during active military service…
On November 8, a federal court in Georgia issued a temporary restraining order against a Georgia-based debt collector, freezing its assets and granting the Federal Trade Commission (“FTC”) immediate access to its business premises. The court granted this relief in response to a complaint filed by the FTC alleging that the…