On May 26, 2022, the North Carolina Attorney General (NC AG) announced that it obtained a default judgment against a California-based debt settlement business, and its proprietor. The lawsuit, filed on June 25, 2021 in the North Carolina Superior Court for Wake
Consumer Finance Enforcement Watch
Consumer Finance Enforcement Watch, published by Goodwin Procter, focuses on regulatory enforcement and litigation developments in the consumer finance sector. The blog covers topics such as compliance with the Real Estate Settlement Procedures Act (RESPA), Federal Trade Commission Act (FTC Act) violations, Fair Credit Reporting Act (FCRA) issues, and the Home Mortgage Disclosure Act (HMDA). It reports on enforcement actions by agencies like the Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC), settlements involving financial institutions, and regulatory scrutiny of mortgage lending, debt management, remittance services, and consumer protection laws. The blog provides updates on legal risks and regulatory trends affecting financial service providers and lenders.
Latest from Consumer Finance Enforcement Watch - Page 3
CFPB and NY AG Reach $4 Million Settlement with Debt Collectors
By Collin Grier
On May 23, 2022, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) announced that they have settled a case filed against six New York debt collection companies and affiliated individuals, resolving a one-and-a-half year enforcement action. The original complaint …
35 State AGs Reach $550 Million Settlement with Subprime Auto Lender
On May 19, 2022, the Arizona Attorney General, along with the attorneys general of 34 other states, announced a settlement with a large subprime auto lender.
If approved, the settlement would resolve a multistate investigation in which the attorneys general
If approved, the settlement would resolve a multistate investigation in which the attorneys general
…
Arizona AG Announces $1.6 Million Settlement with Debt Collectors
By Jackie Odum
On May 16, 2022, the Arizona Attorney General’s Office (Arizona AG) announced that it reached a settlement agreement with the owner of several debt collection companies regarding alleged deceptive debt collection practices in violation of state law.
The agreement resolves a lawsuit by…
CFPB Orders Debt-Relief Payment Processors to Pay $11 Million in Redress and Penalties
On May 11, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had resolved an enforcement action against two debt-relief payment processors and one of their co-founders. The CFPB alleged the processors improperly collected debt relief fees from consumers, misled consumers about
…
CFBP and NY AG Sue Global Payment Company
By Collin Grier
On April 21, 2022, the Consumer Financial Protection Bureau (CFPB) announced a joint enforcement action with the New York Attorney General (NY AG) against one of the largest international remittance providers in the United States. The seven-count complaint, filed…
FTC Obtains Permanent Injunction Against For-Profit Medical School
By Collin Grier
On April 15, 2022, the Federal Trade Commission (FTC) announced that it obtained a permanent injunction against an Illinois-based, offshore, for-profit medical school for deceptive marketing practices. In its complaint and stipulated order filed same-day in the U.S. District Court for…
Goodwin Webinar on CFPB Supervisory and Enforcement Priorities
CFPB Orders Student-Loan Servicer to Pay $1 Million Penalty and Remedy Miscommunications
By Jackie Odum
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. §§ 5531(a), 5536(a)(1)(B).
The CFPB …
Court Enjoins Credit Repair Company From Making Misrepresentations to Consumers
By Collin Grier
On March 21, 2022, the Department of Justice (DOJ) announced that it obtained a permanent injunction against a credit repair company and its CEO, barring the company from making representations that it can improve consumers’ credit scores. The injunction was issued…
