On September 13, the CFPB filed a complaint against a nonbank corporation and its CEO, alleging that the company engaged in deceptive and abusive acts through misleading advertising and unjustified, exorbitant fees related to...more
9/16/2024
/ CEOs ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement ,
Federal Trade Commission (FTC) ,
Misleading Statements ,
Nonbank Firms ,
Subscription Services ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
On August 21, the CFPB entered into a consent order with a nonbank mortgage servicer for mortgage servicing violations and for violating an earlier 2017 CFPB consent order for deficient foreclosure practices.
In 2017, the...more
9/3/2024
/ Civil Monetary Penalty ,
Compliance ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Executive Compensation ,
Foreclosure ,
Homeowners Protection Act ,
Loss Mitigation ,
Mortgage Insurance ,
Mortgage Servicers ,
RESPA ,
Settlement ,
Truth in Lending Act (TILA)
On August 21, a group of trade organizations filed an amicus brief in support of a motion to dismiss filed by a subprime auto lender that is the target of a joint enforcement action brought by the CFPB and the New York State...more
On August 13, the CFPB announced an advisory opinion on the applicability of the Truth in Lending Act (TILA) and Regulation Z to “contracts for deed.” A contract for deed is an arrangement in which a consumer purchases a home...more
On July 18, the CFPB proposed a new interpretive rule that would characterize earned wage access (“EWA”) products as extensions of credit and subject to the Truth in Lending Act and Regulation Z. Under the interpretive...more
On May 30, the CFPB announced that it was probing mortgage closing costs as part of its continued focus on so-called junk fees. The Bureau’s request for information seeks input from the public on “the impact closing costs...more
On March 28, the FDIC released the spring edition of its consumer compliance supervisory highlights. The FDIC supervises approximately 3,000 state-chartered banks and thrifts that are not members of the Federal Reserve...more
5/13/2024
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Fair Lending ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
FTC Act ,
Regulation E ,
Regulation Z ,
Section 5 ,
Truth in Lending Act (TILA)
On April 17, the CFPB issued a consent order against a San Francisco-based for-profit coding school and its and CEO, banning it from lending to consumers, after it found that the company inflated its job placement rates to...more
In the FDIC’s latest monthly update on enforcement decisions and orders, the agency published recent consent orders it entered against both a New York-based and an Ohio-based bank, the latest in the agency’s series of...more
On March 6, the CFPB finalized its credit card late fee rule (previously discussed here) aimed at ensuring that late fees charged on consumer credit card accounts are “reasonable and proportional.” The rule amends Regulation...more
California has recently proposed legislation that, if enacted, would impose a new licensing requirement for any person providing “commercial brokerage” services to a borrower in connection with a commercial loan of $5,000 or...more
The CFPB recently proposed two rules on its continuing war on so-called junk fees.
The first rule, proposed on January 17, target’s bank overdraft programs. Currently, financial institutions that extend overdraft loans...more