On July 9, 2024, the CFPB issued a consent order and proposed court order against the Company, the former citing allegedly unlawful repossessions, and the latter citing allegedly unlawful sales practices. The consent order...more
7/15/2024
/ Bank Holding Company ,
Consent Order ,
Consumer Financial Contracts ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Regulation E ,
Repossess
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
On November 20, 2023, the CFPB imposed a $60 million penalty on an indirect auto lender for allegedly hindering borrowers from cancelling product bundles, elevating their monthly car loan payments. The Company is also alleged...more
On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more
On September 11, 2023, the CFPB filed an administrative consent order against a Nonbank Consumer Finance Company, with its principal place of business in Manchester, New Hampshire. The order alleges that the Company concealed...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
On December 22, 2022, the CFPB filed an administrative consent order against an International Remittance Company headquartered in Rochelle Park, New Jersey. The order alleges that from 2013 until 2021, the International...more
HIGHLIGHTS: The CFPB sued an online event registration and payment processing service company for allegedly illegally and automatically enrolling consumers into membership subscriptions. The agency's complaint alleges that...more
HIGHLIGHTS: CFPB fined the Fintech Company $2.7 million and ordered that it make at least $68,145 in consumer redress for overdraft fees and other costs incurred by consumers. The Fintech Company neither admitted nor denied...more
HIGHLIGHTS: The CFPB settled allegations that a large national bank unlawfully froze consumers' benefit accounts as a result of an inaccurate fraud detection program that made it difficult for people to unfreeze their...more
HIGHLIGHTS: The CFPB announced a complaint against a single defendant - the owner of a student loan debt relief company - concerning unauthorized charges and withdrawals from student borrower accounts in violation of the...more
Maryland Commissioner of Financial Regulation Asserts Action against Non-Maryland State Bank for Lending Without State License -
On January 21, 2021, the Maryland Commissioner of Financial Regulation filed an...more