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.

CFPB Settles With Debt Collection Company and CEO for $6 Million

On July 13, 2018, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a debt collection company and its CEO for allegedly illegal debt-collection acts and practices. According to the CFPB, the company collected on consumer debts using various debt collection companies that allegedly engaged in unfair and deceptive practices in violation of…

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CFPB Settles with South Carolina Companies Over Improper Debt Collection Practices

On June 13, 2018, the Consumer Financial Protection Bureau​ (CFPB) annou​nced its settlement with a South Carolina corporation and its subsidiaries over allegations that the companies engaged in improper debt collection and credit furnishing practices. According to the consent order, the CFPB found that the companies made improper in-person and…

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FTC Settles Claims Against Student Loan Debt Relief Company for Over $2.3 Million

FTC

On June 11, the Federal Trade Commission (FTC) announced that it had settled claims against an individual and his loan debt relief companies in connection with its coordinated federal-state enforcement initiative to target deceptive student loan debt relief scams, called “Operation Game of Loans.”  Enforcement Watch covered a similar enforcement action earlier…

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CFPB Dismisses Administrative Proceedings Against PHH Corp.

On June 7, 2018, the Consumer Financial Protection Bureau (CFPB) issued an order dismissing administrative proceedings against PHH Corp.  The dismissal follows a January ​31, 2018 opinion by the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit) reinstating the court’s prior interpretation of Section 8 of the Real Estate Settlement Procedures Act (RESPA).  ​​​According to the…

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FTC Settles With Defendant Involved in Mortgage Relief Scheme for $15.5 Million

FTC

​On June 7, 2018, the Federal Trade Commission (FTC) announced a settlement and stipulated order for permanent injunction​ ​arising from a lawsuit brought by the FTC concerning allegedly illegal mortgage relief practices. The FTC initiated an action against several defendants in January 2018 alleging violations of Section 5 of the Federal Trade Commission Act, 15…

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