On April 2, 2024, a putative class action was brought against a wholesale mortgage lender alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA).
Unlike conventional mortgage providers that analyze the borrower’s creditworthiness
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FDIC Announces $1.775 Million Settlement with Arkansas-Based Bank and Employees
On May 17, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with an Arkansas bank and nine of its employees, resolving allegations that the bank and the employees violated Section 5 of the Federal Trade Commission Act (FTC Act), Section…
Colorado Attorney General Reaches Settlement with Affiliated Lender and Debt Management Company
On December 14, 2022, the Colorado Attorney General (AG) announced that it entered into a consent order with a California-based debt management company and its sister lending company, resolving the AG’s examination findings that those companies violated Colorado’s Uniform Consumer Credit Code,…
CFPB Reaches Proposed Settlement With Financial Service Company for Allegedly Offering Fake High-Yield Bank Accounts
By Andrew Hill
On December 1, 2022 the Consumer Financial Protection Bureau (CFPB) announced that it had reached a proposed settlement with a Delaware-based financial services company to resolve allegations it made false representations to consumers in violation of the Consumer Financial Protection Act…
CFPB Enters Into $700,000 Consent Order With Remittance Company for Alleged EFTA and Reg E Violations
By Jackie Odum
On December 22, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with an international remittance company to resolve alleged violations of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. § 1693 et seq., and…
CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged UDAAP Violations
By Jackie Odum
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 (CFPA) prohibition of unfair, deceptive, and abusive…
Minnesota AG Enters into Consent Order with Student Debt Relief Company
On November 18, 2022, the Minnesota Attorney General’s Office (Minnesota AG) announced that it entered into a consent order with a California student-loan debt-relief company to resolve allegations that the company illegally collected fees from customers and mispresented its services…
CFPB Enters into $5.25 Million Consent Order with California Mortgage Servicer
On November 17, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California-based mortgage servicer concerning its purported failure to provide certain borrowers forbearances and protections from credit reporting, as required under the Coronavirus Aid,…
North Carolina AG Enters Into $23 Million Settlement with Debt Collector
By Viona Harris
On October 11, 2022, the North Carolina Attorney General’s Office (NC AG) announced that it had entered into a consent order with certain Texas-based debt collection companies, resolving allegations that those companies engaged in illegal debt collection practices in violation of various state statutes. …