Will Resiliency Carry the Digital Asset Sector Through 2024: Federal Legislative Developments and OFAC Consent Orders — The Crypto Exchange Podcast
Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding...more
On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national bank, resolving allegations related to the bank’s auto lending practices....more
On November 20, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with the auto-financing arm of a major automaker in the amount of $60 million, resolving allegations...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 February 23, the CFPB issued a consent order penalizing an auto finance company for allegedly violating the financial rights of military families and other consumers in providing auto title loans. The CFPB found that the...more
On February 23, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with an auto lender based in Georgia....more
In this article, we share a timeline of our monthly "bites" for 2022 applicable to the auto finance industry. So, what happened in 2022?...more
On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national lender and originator of subprime auto loans over the company’s alleged violations of...more
On November 2, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had entered into a consent order with a Texas-based auto lender. The CFPB alleged that the auto lender engaged in deceptive acts and...more
On October 13, 2020, the Consumer Financial Protection Bureau (the “CFPB”) announced that it entered into a consent order (the “Order”) with Nissan Motor Acceptance Corporation (“Nissan”) to resolve allegations that the auto...more
On October 13, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an auto finance company, alleging that the company’s repossession practices from 2013 through...more
A coalition of 34 state attorneys general announced on May 19, 2020, that it had secured a settlement with one of the nation's largest subprime auto financing companies for alleged violations of state consumer protection...more
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
On December 28, 2018, the Attorneys General (AGs) of all 50 states and the District of Columbia announced a settlement totaling $575 million with a national bank as the result of a coordinated investigation by the States. The...more
On December 27, 2018, the Massachusetts Attorney General’s Office (AG) announced? that it had entered into a consent order with an auto lender, resolving allegations that the lender violated the Massachusetts Cost of Consumer...more
The CFPB announced last week that it has entered into a consent order with Triton Management Group, Inc., a small-dollar lender, to settle the CFPB’s allegations that Triton had violated the Truth in Lending Act and the...more
On April 26, 2017, the Consumer Finance Protection Bureau (CFPB) announced that it reached a consent order with an Ohio-based auto lender that allegedly violated a prior CFPB consent order by failing to properly return $1...more
On September 28, the U.S. Department of Justice (DOJ) announced that it had entered into a consent order with a bank to resolve allegations that the bank discriminated against Hispanic borrowers. The DOJ’s complaint, filed...more
On September 26, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with one of the country’s largest auto title lenders over allegations that the lender misled consumers about the terms and costs of...more
On August 8, the Department of Justice (DOJ) announced that an auto financing company agreed to pay $434,500 to settle alleged violations of the Servicemembers Civil Relief Act (SCRA). The DOJ alleged in its complaint that...more
The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more
Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced a joint enforcement action with the Department of Justice (DOJ) against Toyota Motor Credit Corporation (TMCC), an indirect auto lender, which,...more
The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more
Why it matters - Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more
On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies...more