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 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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CFPB Settles Another Case With Mortgage Company Over Allegedly Deceptive VA Loan Advertisements

On August 21, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had a reached a settlement with a California-based lender, resolving allegations that the lender had sent deceptive loan advertisements to servicemembers and veterans in violation of the Consumer Financial Protection Act (CFPA), the Mortgage Acts and Practices…

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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 Halts Bank’s Allegedly Aggressive Auto Loan Debt Collection Practices

On August 19, 2020, the Pennsylvania Office of the Attorney General announced that it had entered into a voluntary compliance agreement with a regional bank to stop allegedly aggressive auto loan debt collection practices. The agreement arose out of allegations made by the Pennsylvania AG that the bank engaged in unfair and manipulative practices,…

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Vermont AG Settles with Auto Financing Company Regarding Unfair or Deceptive Practices

​On August 12, 2020, the Vermont Attorney General (Vermont AG) announced a settlement with an auto financing company related to alleged unfair or deceptive practices concerning the company’s subprime auto loans​. According to the Vermont AG’s complaint, filed on August 7, 2020, the company engaged in unfair and deceptive practices in violation of the Vermont Consumer Protection Act, 9…

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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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Massachusetts AG Settles with For-Profit Education Services Debt Buyer

On July 30, 2020, the Massachusetts Attorney General (Massachusetts AG) announced a settlement with a Nevada-based debt buyer regarding a portfolio of loan debt it purchased from a for-profit education company. The settlement resolves the Massachusetts AG’s allegations that, between 2010 and 2016, the for-profit education​ company​​ ​misled students by…

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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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