On October 15, 2024, the CFPB and DOJ filed a complaint and proposed consent order against the Company, alleging violations of the Fair Housing Act (FHA), Equal Credit Opportunity Act (ECOA) and its implementing Regulation B,...more
In this Webinar Hudson Cook partner, Mark Rooney, will examine the Supreme Court’s recently completed term and discuss how its major decisions will affect the consumer financial services market. The discussion will focus in...more
On May 17, 2024, the CFPB filed a lawsuit in the U.S. District Court for the Central District of California against a financial technology company for violations of the CFPA and FCRA....more
By a 7-2 vote today, the U.S. Supreme Court rebuffed a challenge to the constitutionality of the Consumer Financial Protection Bureau's funding structure, lifting a cloud that threatened the agency's enforcement and...more
On January 10, 2024, the CFPB and Attorneys General from seven states filed a complaint against the Company and the individuals in charge for allegedly operating a debt-relief scheme that has been harming consumers since...more
On December 7, 2023, the CFPB issued an order against a regional bank in Richmond, Virginia. The consent order alleges that the bank charged consumers overdraft fees without getting the proper consent and misled its customers...more
12/8/2023
/ Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Enforcement Actions ,
Fees ,
Overdraft Fees ,
Prior Express Consent ,
Regulation E
On November 8, 2023, the Consumer Financial Protection Bureau announced that one of the nation's largest banks (the "Bank") agreed to settle charges that the Bank engaged in a pattern or practice of discriminating against...more
The complaint, filed in the U.S. District Court for the Southern District of Florida, alleges that a non-bank residential mortgage loan originator violated the Home Mortgage Disclosure Act ("HMDA") by submitting inaccurate...more
In May 2019, the CFPB initially sued six associated companies for allegedly violating the Consumer Financial Protection Act's prohibition against deceptive practices and the Telemarketing Sales Rule ("TSR")....more
8/30/2023
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Financial Services Industry ,
Redress Payments ,
Stipulated Judgment ,
Telemarketing ,
Telemarketing Sales Rule
On June 8, 2023, the CFPB filed an administrative consent order against a medical debt collection company headquartered in Indianapolis, Indiana. In the order, the CFPB detailed several alleged violations of the Fair Credit...more
Two coalitions of state attorneys general are urging the Supreme Court to review the constitutionality of the CFPB's funding structure—albeit for vastly different reasons. The two amicus briefs were filed December 14 in...more
HIGHLIGHTS: The servicer must pay a $5.25 million civil penalty to the CFPB. The servicer neither admitted nor denied the allegations but must forfeit unlawfully charged fees to consumers and develop a remediation plan for...more
HIGHLIGHTS: CFPB announced an administrative resolution of Consumer Financial Protection Act claims against a regional bank concerning unfair and abusive acts and practices for allegedly charging consumers "surprise...more
HIGHLIGHTS: CFPB and DOJ filed a complaint and proposed consent order in connection with their allegations that a mortgage company redlined majority-minority neighborhoods through marketing, sales, and hiring actions....more
HIGHLIGHTS: CFPB and the New York Attorney General ("NY AG") announced a proposed settlement of a lawsuit—originally filed in September 2020—against six interrelated companies and five individual defendants. The various...more
In June, the Supreme Court struck down the leadership structure of the CFPB as unconstitutional. (The case is Seila Law LLC v. CFPB, No. 19-7 (June 29, 2020), and the decision is here.) The case resolves a long-simmering...more
7/30/2020
/ Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Debt-Relief Industry ,
Director Kraninger ,
Dodd-Frank ,
Ratification ,
Removal At-Will ,
Removal For-Cause ,
Reversal ,
Rulemaking Process ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
It's been four weeks since the comment period closed on the CFPB's proposed debt collection rule - just enough time to look back with some perspective on the comments submitted and assess how the CFPB may move forward.
The...more
10/18/2019
/ Comment Period ,
Consumer Advisory Board ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Political Parties ,
Proposed Rules ,
Regulation F ,
Rulemaking Process ,
SBA ,
State Attorneys General ,
UDAAP