On September 13, 2024, the CFPB filed a lawsuit against the company and its owner and CEO, alleging deceptive and abusive acts and practices in violation of the CFPA and violations of TILA and its implementing regulation....more
9/18/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
Marketing ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more
6/24/2024
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
HECM ,
HUD ,
Mortgage Servicers ,
Mortgages ,
RESPA ,
Restitution ,
Reverse Mortgages
The CFPB entered into a consent order with a for-profit vocational school that offered coding programs using income-share agreements ("ISAs") as tuition financing options. Unlike conventional student loans, ISAs are products...more
The CFPB and Justice Department sued a Texas-based developer and its affiliates, as well as a mortgage lender, alleging they operate a deceptive and discriminatory land sales scheme targeting Hispanic borrowers by selling...more
The CFPB settled a lawsuit originally filed in January 2020 against a large national bank, claiming it violated the Truth in Lending Act and its implementing Regulation Z, as well as the Consumer Financial Protection Act, by...more
5/25/2023
/ Banking Sector ,
Billing Errors ,
Civil Monetary Penalty ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Unauthorized Transactions
Privacy is a growing area of regulation in the United States, and not just for large institutions like national banks. If you do business in the United States, it is becoming increasingly likely that you are covered by a law...more
HIGHLIGHTS: The bank must pay a $37.5 million civil penalty to the CFPB. The bank neither admitted nor denied the allegations but must forfeit unlawfully charged fees and costs to consumers and develop a remediation plan for...more
The CFPB announced an $11 million resolution of Telemarketing Sales Rule and Consumer Financial Protection Act claims against debt-relief payment processors and two individuals for allegedly collecting improper fees from...more
Several trade groups, including the American Financial Services Association, Nevada Credit Union League, and Nevada Bankers Association have filed a lawsuit challenging a new Nevada law aimed at allowing credit applicants...more
11/1/2019
/ Bankers ,
Credit Applicants ,
Credit History ,
Credit Unions ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Marital Status Discrimination ,
New Legislation ,
Preemption ,
Preliminary Injunctions ,
Spouses ,
Trade Associations