Tagged as: CFPB announcement

CFPB Enters Consent Order with Lender Over Defective Disclosures

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On December 20, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a mid-Atlantic financing company over allegations that the company entered into revolving-credit agreements with consumers without providing adequate disclosures.  The consent order alleged that the company violated the Electronic Fund Transfer Act…

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CFPB Announces Lawsuit Against Off Shore Payday Lender

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On August 4, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint ​against ​several interrelated offshore companies accused of engaging in usurious lending.  The complaint alleges that the companies originated, serviced and collected payday loans from consumers in all 50 states through the Internet.  It is alleged that companies collected money…

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Auto Finance Company Settles Action Brought by CFPB and DOJ

On July 15, the Consumer Financial Protection Bureau (“CFPB”) and the Department of Justice (“DOJ”) announced that claims concerning an indirect auto finance company’s alleged discriminatory lending practices were settled as part of a consent order requiring $24 million in restitution payments to borrowers and changes to the lender’s dealer compensation system.  The consent order alleges…

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CFPB Announces Rule Permitting Monitoring of Auto Finance Companies

On Wednesday, June 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced a new rule that grants the CFPB the ability to monitor nonbank companies that qualify as “larger participants of a market for automobile financing.”  The CFPB simultaneously adopted a separate rule defining certain automobile leases as a “financial…

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