On December 21, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it reached an agreement with a California-based fintech company that would require the company to cease “(1) making new loans; (2) collecting on outstanding loans to harmed consumers; (3) selling consumer information;
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 5
CFPB Resolves Alleged UDAAP Claims Against Maryland-Based Structured Settlement Buyer
By Viona Harris
On December 17, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a proposed settlement with a Maryland company that offers lump sum payouts to consumers with structured settlements. The settlement resolves a 2016 complaint filed by the…
California DFPI Reaches Agreement with Lender to Temporarily Halt Operations
On December 14, 2021, the California Department of Financial Protection and Innovation (DPFI) announced that it entered what it described as a “novel” consent order with a Los Angeles-based automobile title loan lender prohibiting the company from marketing or servicing title loans…
FTC Announces Settlement with Alleged Phantom Debt Collectors
By Jackie Odum
On December 13, 2021, the Federal Trade Commission (FTC) announced that it reached a settlement with a group of South Carolina-based debt collection companies to resolve allegations that the companies violated the Federal Trade Commission Act (FTC Act) and the…
District of Columbia AG Reaches $2 Million Settlement With Online Lender
On November 30, the District of Columbia Attorney General’s Office (DC AG) announced a settlement with an online lender targeting consumers with below-average credit, under which the lender agreed to pay $1.5 million in refunds to consumers and $250,000 to the District, and…
CFPB Files Complaint Against Pawnshop Lenders for Alleged Military Lending Act Violations
By Viona Harris
FTC Reaches $500,000 Settlement with Payment Processor for Its Role in Alleged Student Loan Debt Relief Scheme
By Viona Harris
On November 8, 2021 the Federal Trade Commission (FTC) announced that it entered into a stipulated order with a payment processor, resolving allegations that the payment processor violated Section 5 of the Federal Trade Commission Act (FTC Act) and the…
Illinois Attorney General Reaches Settlement with Payday Loan Lead Generators
On November 5, 2021, the Illinois Attorney General’s Office (Illinois AG) announced a settlement with three online payday lending lead generators to resolve allegations that the companies violated Illinois state lending laws. The Illinois AG alleged that the lead generators…
CFPB Issues Orders to Collect Information from Big Tech Companies
CFPB, DOJ, and OCC Reach Settlement with Bank for Alleged Lending Discrimination
By Jackie Odum
On October 22, 2021, the Consumer Finance Protection Bureau (CFPB) announced that the CFPB, Department of Justice (DOJ) and Office of the Comptroller of the Currency (OCC) collectively reached a joint settlement with a national bank that resolved allegations of mortgage lending discrimination in…