On November 23, 2021, New York Attorney General Letitia James (“New York AG”) announced that her office entered into an agreement with a debt collection company to resolve allegations that the company violated the Fair Debt Collections Practices Act, 15 USC § 1692
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 4
Credit Union Enters Into Consent Order with U.S. Attorney’s Office Over Alleged SCRA Violations
By Collin Grier
On March 11, 2022, the U.S. Attorney’s Office (USAO) for the Eastern District of Virginia filed a consent order and settlement with a Virginia-based credit union for alleged violations of the Servicemembers Civil Relief Act (SCRA). The lawsuit, filed in U.S. District Court…
Lender Settles Fraud Claims with Arizona AG for $4.8 Million
By Collin Grier
On March 9, 2022 the Arizona Attorney General (AG) filed a proposed consent judgment with a California-based lender and its corporate affiliates in Arizona state court. The operative complaint, filed May 7, 2020, alleged that the defendants violated the Arizona…
Goodwin’s 2021 Consumer Financial Services Year In Review
Goodwin’s Consumer Financial Services Enforcement & Investigations and Litigation practices are once again proud to present our annual Consumer Finance Year In Review. Industry regulators staked out a clear intent to return to normal, rescinding pandemic-specific policies and letting…
Massachusetts AG Settles Claims Against Subprime Auto Lender for $5.56 Million
By Viona Harris
On February 8, 2022, the Massachusetts Attorney General’s Office (Massachusetts AG) announced that it entered into a settlement agreement with a lender concerning its subprime auto loan disclosure and debt collection practices. The Massachusetts AG filed an assurance of discontinuance in Suffolk…
FTC Announces Settlement With Remaining Defendants in Student Loan Debt Relief Action
By Viona Harris
CFPB Settles With Chicago-Based Payment Processer Over Services Provided to Telemarketers
By Viona Harris
On January 18, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a settlement with a payment processing company, resolving allegations that the company assisted third parties in profiting from fraudulent services and products. The proposed stipulated judgment, if…
39 State Attorneys General Reach $1.85 Billion Settlement With Student Loan Servicer
By Viona Harris
On January 13, thirty-nine state Attorneys General announced that they had reached a settlement with a national student loan servicer. The settlement resolves allegations that, since 2009, the servicer had been steering borrowers into higher-cost, longer-term forbearance arrangements. The Attorneys General alleged the practices…
CFPB Files Complaint Against New York-Based Debt Collectors
By Viona Harris
On January 10, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against three New York-based debt collection companies and their owners. The CFPB alleged the companies sold debts to collection companies that used unlawful collection tactics.…
FTC Settles With Lead Generator Over Alleged FTC Act and FCRA Violations
By Viona Harris
On January 7, the Federal Trade Commission (FTC) announced that it had agreed to a settlement with a company that collected and generated leads for financial services products. In its simultaneously-filed complaint in the U.S. District court for the Central District…