News & Analysis as of

Unfair or Deceptive Trade Practices Consent Order Consumer Financial Protection Bureau (CFPB)

Hudson Cook, LLP

CFPB Issues Order Against a Private Dispute Resolution Platform

Hudson Cook, LLP on

On October 10, 2024, the CFPB announced that it issued a stipulation and consent order against the Company to resolve allegations that the Company violated the CFPA....more

Troutman Pepper

Contract Terms and Conditions Come Under CFPB Scrutiny

Troutman Pepper on

The Consumer Financial Protection Bureau (CFPB or Bureau) has issued a circular warning covered persons that including unlawful or unenforceable terms and conditions in consumer contracts can violate the prohibition on...more

Saul Ewing LLP

CFPB Finds For-Profit Coding School Misrepresented Nature of Its Lending Products and Job Placement Rates

Saul Ewing LLP on

The Consumer Financial Protection Bureau continues to expand its presence into different businesses, including for-profit colleges. On April 17, 2024, the CFPB issued a consent order against a for-profit college for computer...more

Ballard Spahr LLP

CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule

Ballard Spahr LLP on

On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...more

Troutman Pepper

CFPB Enters Consent Order Against BloomTech Over Misleading Income-Share Agreements

Troutman Pepper on

On April 17, the Consumer Financial Protection Bureau (CFPB or Bureau) entered a consent order against BloomTech, a for-profit vocational school, and its CEO, Austen Allred, for deceptive marketing practices related to...more

Ballard Spahr LLP

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

Ballard Spahr LLP on

On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

Goodwin

Pursuant to Consent Order with CFPB, National Bank to Pay $25.9 Million for Alleged Discrimination Against Armenian Americans

Goodwin on

​​​​​​​O​n November 8, 2023, the CFPB and a national bank entered into a consent order​ to resolve allegations that the bank engaged in intentional discrimination against Armenian Americans who had applied for credit cards...more

Hudson Cook, LLP

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

Hudson Cook, LLP on

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

Cozen O'Connor

CFPB, 42 AGs Slow Down Consumer Leasing Company Tempoe

Cozen O'Connor on

The CFPB issued a consent order against Tempoe, LLC for allegedly deceiving consumers into expensive leasing agreements for purchases from large retailers in violation of the Consumer Financial Protection Act of 2010....more

Shipkevich PLLC

Junk Fee Déjà Vu: CFPB Hits Bank of America with Huge $30 Million Penalty for Allegedly Engaging in Deceptive Acts and Practices

Shipkevich PLLC on

On July 11, 2023, the Consumer Financial Protection Bureau (CFPB) issued a consent order against Bank of America (BoA) based on the CFPB’s findings that BoA had engaged in unfair and deceptive trade practices. This consent...more

Davis Wright Tremaine LLP

May 2023 UDAAP Bulletin

The following document provides a monthly roundup summarizing enforcement actions, guidance, rulemakings, and other public statements from the Consumer Financial Protection Bureau and the Federal Trade Commission regarding...more

Goodwin

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

Goodwin on

​​​​​​​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

CFPB Enters Into $1 Million Consent Order with Nonbank Mortgage Lender

Goodwin on

​​​​​​​On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order​​ with a mortgage lender, resolving allegations that the lender engaged in “a series of repeat...more

Goodwin

CFPB Enters Into $15 Million Settlement with Auto Lender

Goodwin on

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

Hudson Cook, LLP

CFPB Bites of the Month: A December to Remember

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In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the December 21, 2022, webinar. So, what happened last month?...more

Goodwin

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

Goodwin on

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

Holland & Knight LLP

Banks Should Prepare for CFPB Inquiries in Regards to Overdraft Practices and Fees

Holland & Knight LLP on

In September 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against a large national bank for charging unfair and abusive overdraft fees. In support of its action, the Bureau noted that...more

Wiley Rein LLP

Wiley Consumer Protection Download (April 18, 2022)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Hudson Cook, LLP

CFPB Files Lawsuit Against Nationwide Credit Reporting Agency and Senior Executive for Allegedly Violating 2017 Order

Hudson Cook, LLP on

HIGHLIGHTS: CFPB announced that it is filing a lawsuit today against a nationwide credit reporting agency, two related companies, and a top executive for violating a January 2017 consent order with the CFPB. ...more

Hudson Cook, LLP

CFPB Announces Consent Order with Student-Loan Servicer Over Alleged Misrepresentations to Borrowers Concerning Eligibility for...

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HIGHLIGHTS: CFPB announced a $1 million resolution, via administrative consent order, of allegations that a small servicing company made deceptive statements to student loan borrowers relating to their forgiveness and...more

Goodwin

CFPB Orders Student-Loan Servicer to Pay $1 Million Penalty and Remedy Miscommunications

Goodwin on

On March 30, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a student-loan servicer for alleged deceptive acts and practices in violation of the CFPA, 12 U.S.C. §§...more

Bradley Arant Boult Cummings LLP

CFPB Action Against Student Loan Originator Sends Message to Income Share Agreement Industry

On September 7, 2021, the CFPB issued a consent order against Better Future Forward, Inc., and related entities (collectively, BFF), companies that provide financing for postsecondary education to students via income share...more

Manatt, Phelps & Phillips, LLP

CFPB Director Chopra’s First Consent Order Confirms Return to Pushing the Envelope

On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more

Eversheds Sutherland (US) LLP

CFPB Enforcement Actions Zero in on Income Share Agreements and “Payday Alternative” Loans

In September 2021, the CFPB took action against Better Future Forward, Inc. (BFF), a provider of student income share arrangements, and LendUp, an online, subprime consumer lender. In both cases, the CFPB alleged that the...more

Hudson Cook, LLP

Voluntary Protection Products: A Matter of "Interest" for State and Federal Regulators

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Voluntary protection products like credit insurance, debt protection, GAP, service contracts and motor clubs, have gained increased attention by state and federal regulators overseeing the consumer finance industry....more

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