Penalties, Consumer Financial Protection Act (CFPA)

CFPB Takes Action Against Fintech Company for Alleged Withholding of Consumer Refunds

Hudson Cook, LLP on 5/8/2024

On May 7, 2024, the CFPB imposed a total of $4.6 million in redress and fines on the Company for allegedly withholding account-closure refunds to its consumers for an unreasonable amount of time....more

CFPB Continues to Target Consumer Lending Activity, Imposes $20 Million Penalty

Shipkevich PLLC on 5/31/2023

On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) took decisive action against installment lender OneMain Financial, demanding the payment of $20 million in penalties and redress. In the consent order, the...more

CFPB Proposes Order in Massive Action Against Debt Collection Company

Shipkevich PLLC on 3/29/2023

On March 23, 2023, the Consumer Financial Protection Bureau (CFPB) has taken action against one of the largest debt collectors in the United States, Portfolio Recovery Associates (PRA), for various violations of law,...more

CFPB Settlements: It’s Not Over Until It’s Over

Foley & Lardner LLP on 5/15/2017

On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of...more

Financial Services Weekly News - September 2016 #3

Goodwin on 9/29/2016

Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

CFPB Continues to Target Add-On Credit Products

Carlton Fields on 10/6/2015

The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more