News & Analysis as of

Department of Justice (DOJ) Consumer Lenders Enforcement Actions

Troutman Pepper

Status of the DOJ's Combatting Redlining Initiative — The Consumer Finance Podcast

Troutman Pepper on

In this episode of The Consumer Finance Podcast, host Chris Willis and guest Lori Sommerfield discuss the status of the Department of Justice's (DOJ) Combatting Redlining Initiative. The initiative, which has been underway...more

Whitman Legal Solutions, LLC

Redlining Was Outlawed More than 50 Years Ago – Does It Still Continue?

Recently, my son took an online college course about social justice in the as-built environment. One topic in the class was redlining – a practice that limited the availability of affordable home loans for minorities.   ...more

Ballard Spahr LLP

CFPB and DOJ file lawsuit against land developer alleging predatory lending

Ballard Spahr LLP on

The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in which the agencies allege...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Nondiscrimination and Military Protection Laws

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to consumers protected by nondiscrimination and military protection laws. The CFPB has historically been particularly active with respect to...more

Dechert LLP

I Walk the Line: Feds Vow to Aggressively Pursue Lenders Engaging in “Redlining”

Dechert LLP on

Key Takeaways - The Department of Justice (“DOJ”) recently announced a new initiative to aggressively pursue lenders who engage in the discriminatory practice of “redlining.” The DOJ, along with the Consumer Financial...more

Hudson Cook, LLP

More SCRA Enforcement Activity by the Department of Justice

Hudson Cook, LLP on

The Servicemembers and Veterans Initiative at the U.S. Department of Justice continues. At the end of July, the DOJ entered into a consent order in a Texas case where a towing company sold active-duty servicemembers' cars...more

Manatt, Phelps & Phillips, LLP

DOJ, OCC Announce Major Settlement of Fair Lending Allegations

In the largest fair lending enforcement action in several years, the Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) on August 30 announced simultaneous settlements with a national banking...more

Ballard Spahr LLP

Consumer lender sets aside $21.7 million to settle Foreign Corrupt Practices Act probe

Ballard Spahr LLP on

South Carolina-based consumer lender World Acceptance Corporation announced recently that it had earmarked $21.7 million to resolve a Securities and Exchange Commission (SEC) probe into its compliance with the Foreign Corrupt...more

White & Case LLP

Consumer financial services: The road ahead: Auto finance

White & Case LLP on

In 2018, the CFPB continued to pay attention to the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices....more

Goodwin

DOJ Settles SCRA Suit Against CA-Based Subprime Auto Lender

Goodwin on

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...

Ballard Spahr LLP on

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

Ballard Spahr LLP

DOJ enters into settlement with credit union to resolve alleged SCRA violations in connection with vehicle repossessions

Ballard Spahr LLP on

The Department of Justice recently entered into a settlement with Hudson Valley Federal Credit Union to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by...more

Goodwin

First Half of 2018 Sees Significant Decline in Publicly Announced or Publicly Filed Enforcement Activity

Goodwin on

During the first half of 2018, Enforcement Watch tracked 40 publicly announced or publicly filed enforcement actions involving consumer financial services companies. The 18 enforcement actions tracked during Q1 2018 represent...more

Ballard Spahr LLP

DOJ brings suit against indirect auto lender alleging its repossession practices violated the SCRA

Ballard Spahr LLP on

On March 28, the Department of Justice (DOJ) brought another lawsuit against an auto finance company alleging the company violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by servicemembers...more

Goodwin

DOJ Brings Suit Against California Auto Lender Under SCRA

Goodwin on

On March 28, 2018, the Department of Justice (“DOJ”) announced it had filed a lawsuit in the Central District of California against an auto lender for allegedly repossessing the vehicles of members of the armed forces...more

Ballard Spahr LLP

Federal jury convicts operator of payday lenders sued by CFPB and FTC

Ballard Spahr LLP on

Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

Ballard Spahr LLP

Auto-finance companies agree to pay nearly $800,000 to settle Justice Department allegations regarding SCRA auto repossession...

Ballard Spahr LLP on

The United States Department of Justice announced last week that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations the companies violated the...more

Goodwin

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

Goodwin on

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

Ballard Spahr LLP

Justice Department Settles with Michigan Credit Union for Violations of the Servicemembers Civil Relief Act

Ballard Spahr LLP on

The U.S. Department of Justice (DOJ) announced last week that it reached an agreement with Michigan-based COPOCO Community Credit Union to settle a lawsuit alleging that the credit union violated the Servicemembers Civil...more

Ballard Spahr LLP

Some suggested questions for Director Cordray’s expected appearance at April 5 House hearing

Ballard Spahr LLP on

On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more

Ballard Spahr LLP

Community banks trade group asks Trump Administration to curb fair lending enforcement

Ballard Spahr LLP on

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

Carlton Fields

CFPB and DOJ Continue Enforcement Orders Against Indirect Auto Lenders Based on Discriminatory Loan Pricing Policies

Carlton Fields on

In February the Consumer Financial Protection Bureau and Department of Justice announced entry of a consent order with Toyota Motor Credit, the U.S. financing arm of Toyota Motors’ subsidiary Toyota Financial Services. The...more

McGuireWoods LLP

FTC Unveils Nationwide Debt-Collection Enforcement Action

McGuireWoods LLP on

The Federal Trade Commission (FTC) on Wednesday announced that it would launch its first-ever coordinated, nationwide law enforcement effort targeting abusive and deceptive debt-collection practices. The initiative is known...more

McGuireWoods LLP

Hudson City Savings Bank Reaches Largest Mortgage Redlining Settlement in DOJ History

McGuireWoods LLP on

The CFPB, DOJ, and Hudson City Savings Bank, F.S.B. (“Hudson City”) recently entered into the largest residential mortgage redlining settlement in DOJ history. On September 24, 2015, the parties filed a Joint Motion for Entry...more

Stinson LLP

CFPB and DOJ Take Action Against Fifth Third Bank

Stinson LLP on

On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more

27 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide