On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains potential wide-ranging industry implications as UWM
LenderLaw Watch
LenderLaw Watch, published by Goodwin Procter, focuses on legal developments and regulatory issues affecting the mortgage lending and consumer finance industries. The blog covers topics such as compliance with the Real Estate Settlement Procedures Act (RESPA), enforcement actions by the Consumer Financial Protection Bureau (CFPB), litigation involving mortgage servicers and lenders, and regulatory challenges related to student loans and debt relief services. It also addresses significant court decisions impacting financial regulatory frameworks and state-level enforcement actions against financing companies. The content is aimed at professionals navigating the intersection of mortgage lending, consumer protection laws, and financial regulatory compliance.
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CFPB Files Suit Against Student Loan Servicer
By Jordan Wenik
On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§ 5531, 5536(a)(1)(B), and for…
Supreme Court Upholds CFPB’s Funding Structure
On May 16, 2024, the U.S. Supreme Court issued a significant opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., upholding the funding structure of the Consumer Financial Protection Bureau (CFPB). 601 U.S. 416…
Massachusetts Attorney General Settles Claims Against California-Based Financing Company for $625,000
On May 22, 2024, the Massachusetts Attorney General (MA AG) announced it entered into an Assurance of Discontinuance (AOD) with a California-based financing company resolving allegations of violations of the Massachusetts Consumer Protection Act.
The MA AG alleged that the company engaged…
CFPB Enters Consent Order Over Student Loan Debt Relief Services
On May 20, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based telemarketer that offered student loan debt relief services resolving allegations that the company charged illegal advance fees and misled student…
FDIC Announces $1.5 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…
CFPB Reports Troubling Trends in Credit Card Rewards Programs
By Robin Muir
On May 9, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new Issue Spotlight regarding growing problems in the credit card rewards program industry.
Credit card rewards programs have become increasingly complex in recent years. Especially for credit cards…
CFPB and European Commission Release Report Regarding “Critical” Priority Areas for Consumer Financial Protection Issues
In April 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Commissioner for Justice and Consumer Protection of the European Commission (European Commission) announced that three meetings had been convened with senior staff and subject matter experts to…
CFPB Enters Into Consent Order With Financial Technology Company
By Eva Monteiro
On May 7, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a financial technology company, resolving allegations that the company committed unfair acts or practices in violation of the Consumer Finance Protection Act…
CFPB Files Complaint and Proposed Final Judgments Against Higher Education Assistance Agency and National Collegiate Student Loan Trusts
By Eva Monteiro
On May 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint and two proposed stipulated final judgments to resolve its claims against the National Collegiate Student Loan Trusts (the Trusts) and the Pennsylvania…