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Civil Monetary Penalty Enforcement Actions Consumer Lenders

Goodwin

CFPB Enters Into Consent Order with For-Profit Coding School

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​On April 17, 2024, the Consumer Finance Protection Bureau (CFPB) announced ​that it had entered into a consent order​ with BloomTech Inc., d/b/a Bloom Institute of Technology (BloomTech), and BloomTech’s CEO, Austen Allred,...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Small Dollar Lending, Lease-to-Own, and Alternative Financial Services

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to the small dollar lending, lease-to-own, and alternative financial services industries. ...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Mortgage

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to mortgage along with some additional related information. ...more

Hudson Cook, LLP

CFPB Bites of the Month - December 2023 - I'm Dreaming of a Winter Solstice and the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the December 2023 webinar....more

Hudson Cook, LLP

CFPB Fines Fintech Installment Lender $15 Million for Alleged Consent Order Violations

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On November 15, 2023, the Consumer Financial Protection Bureau announced that a nonbank installment lender agreed to settle allegations that it was violating a 2019 consent order. The Company is a publicly traded online...more

Goodwin

CFPB Reaches $20 Million Consent Order with Lender over Optional Add-On Products

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​​​​​​​On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Indiana-based non-bank installment lender. ​​The consent order alleges that the lender engaged...more

Goodwin

Massachusetts AG Enters Into $7.6 Million Settlement With Auto Dealer

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On February 2, 2023, the Massachusetts Attorney General’s Office (Massachusetts AG) announced that it had entered into a settlement with an auto dealer to resolve allegations that the company engaged in illegal auto loan...more

Goodwin

CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged UDAAP Violations

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On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Consumer Financial Protection Act’s...more

Goodwin

CFPB Reaches $40.6 Million Agreement With Lender to Cease Operations

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On December 21, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it reached an agreement with a California-based fintech company that would require the company to cease “(1) making new loans; (2)...more

Goodwin

CFPB Secures Consent Order Against Student Loan Servicer for Failure to Comply with 2015 Consent Order and Alleged Deceptive Acts...

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On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced​ that it had secured a consent order ​against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more

Ballard Spahr LLP

CFPB announces proposed consent order with companies alleged to have collected loans void under state law

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The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think...more

Goodwin

DOJ Settles SCRA Suit Against CA-Based Subprime Auto Lender

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On March 6, the U.S. Department of Justice (DOJ) announced that it had entered into a consent order with a California-based subprime auto lender and its affiliate. The order brings an end to a lawsuit filed by the DOJ in...more

Ballard Spahr LLP

Justice Dept. Obtains $80,000 Consent Order with California Auto Lender, Including Record Payment of $30,000 to One Individual...

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On March 6, 2019, a California subprime auto lender, California Auto Finance, agreed to enter into a consent order with the Justice Department related to allegations that it repossessed vehicles in violation of the...more

Bradley Arant Boult Cummings LLP

CFPB and New York Enter Into Consent Order over Credit Card Practices

On January 16, 2019, the Consumer Financial Protection Bureau (“CFPB”) and the Attorney General for the State of New York announced a consent order with Sterling Jewelers, Inc. (“Sterling”) related to Sterling’s credit card...more

Bradley Arant Boult Cummings LLP

BCFP Enters Consent Order with Small Dollar Lender

Triton Management Group, Inc. (Triton) and several related companies entered into a consent order with the Bureau of Consumer Financial Protection (Bureau) in which Triton agreed to a $1 civil money penalty, $500,000 in...more

Ballard Spahr LLP

CFPB announces settlement with consumer lenders charged with unlawful debt collection and credit reporting practices

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The CFPB announced that it has entered into a consent order with Security Group Inc. and its subsidiaries (Security Group) to settle an administrative enforcement action that charged the companies with having engaged in...more

Burr & Forman

CFPB Update: January 2018

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The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Goodwin

DOJ Obtains $907,000 Settlement for Auto Lender’s Repossession of Active Duty Servicemembers’ Vehicles

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On September 18, 2017, the Department of Justice (“DOJ”) announced that it had entered into a $907,000 settlement with an auto loan lender and servicer (“Defendant”). In its co?mplaint,? filed the same day in the United...more

Bradley Arant Boult Cummings LLP

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

Stinson LLP

CFPB and DOJ Announce Joint Action Against Hudson City Savings Bank, F.S.B.

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On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson). The complaint alleges that Hudson...more

Goodwin

2Q 2015 Sees Increase in Enforcement Litigation

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For the second quarter of 2015, Consumer Finance Enforcement Watch tracked 56 enforcement actions taken against consumer finance providers, a slight uptick in enforcement activity from the previous quarter’s 46 actions. ...more

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