On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) established the Paycheck Protection Program (PPP), making available nearly $350 billion in loan funding to small businesses impacted by...more
5/18/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
False Claims Act (FCA) ,
False Statements ,
Federal Funding ,
Federal Loans ,
Government Investigations ,
Paycheck Protection Program (PPP) ,
Qui Tam ,
SBA ,
SBA Lending Programs ,
Small Business
In This Issue. The ongoing global outbreak of the coronavirus (COVID-19) continues to grow in scale and scope. In response, federal financial regulators are continuing efforts to bring regulatory relief to promote stability...more
3/19/2020
/ Annual Meeting ,
Banking Sector ,
Comment Period ,
Coronavirus/COVID-19 ,
Enforcement ,
FDIC ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Infectious Diseases ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Investment Funds ,
New Amendments ,
New Guidance ,
New Rules ,
OCC ,
Public Comment ,
Public Health ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholder Meetings ,
Virtual Meetings
Goodwin has written extensively on the challenges presented by the COVID-19 coronavirus... among these important issues, we also want to encourage our clients to be proactive in responding to the potential impact of COVID-19...more
On September 7, 2018, the Federal Trade Commission (FTC) announced a settlement with a Georgia debt collection company and its principals over alleged illegal collection practices.
In October 2017, the FTC filed an action...more
On September 28, 2018, the Federal Trade Commission (FTC) announced that it had reached a settlement with loan debt relief operators in connection with the coordinated federal-state enforcement initiative to target deceptive...more
On July 20, 2018, the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) reached a $30 million settlement with a South Dakota bank over allegations that the bank had engaged in...more
12/18/2018
/ Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FTC Act ,
OCC ,
Overdraft Fees ,
Regulation E ,
Section 5 ,
Settlement ,
Unfair or Deceptive Trade Practices
On July 26, 2018, the Federal Reserve Board (FRB) announced a multi-million dollar settlement with a Kentucky bank over allegations of unlawful banking practices in violation of Section 5 of the Federal Trade Commission...more
On August 1, 2017, the Virginia Attorney General’s Office (AG) announced? that it had entered into a consent order with a state pawnbroker, settling allegations that the company overcharged consumers and was “skirting...more
On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations as to the bank’s allegedly unlawful credit reporting...more
On June 5, 2017, the Federal Trade Commission (FTC) announced that a federal district court had entered its eighth order against the remaining defendants in an illegal robocall ring in which defendants promised to help...more
On April 12, 2017, the Massachusetts Attorney General’s Office (AG) announced that it had reached a settlement with a mortgage broker, its employee, and an insurance agent, resolving allegations that they had preyed on...more
On April 10, 2017, the California Department of Business Oversight (DBO) announced? that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was...more
On February 23, 2017, the Federal Trade Commission (FTC) announced that it entered into a settlement with the final individual defendant in an alleged mortgage relief scheme worth over $1.7 million.
As a result of a...more
On January 20, 2017, the Ninth Circuit affirmed a trial court ruling that ordered three tribal lending entities to comply with the Consumer Financial Protection Bureau’s (CFPB) civil investigative demands.
The CFPB’s...more
On January 18, 2017, the U.S. Attorney’s Office for the Southern District of New York (USAO) filed a lawsuit against a national bank, alleging that the bank had engaged in a years-long practice of racial discrimination in...more
On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more
On January 13, 2017, the Department of Justice (“DOJ”) announced that it had filed a lawsuit against a Minnesota bank, stemming from allegations that the bank engaged in illegal “redlining” of minority neighborhoods in the...more
On September 12, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced the issuance of a consent order with a for-profit college chain that allegedly deceived its students into taking out loans that were more...more
On September 13, 2016, the Department of Justice (“DOJ”) announced a settlement agreement with a bank for allegedly violating the False Claims Act by improperly underwriting and originating of FHA-insured mortgage...more
On August 1, 2016, Colorado Attorney General Cynthia H. Coffman announced a settlement of two lawsuits against lenders for targeting the military and other allegedly illegal lending practices.
According to the Attorney...more
On July 29, 2016, the Department of Housing and Urban Development (HUD) announced a settlement with a bank concerning allegations that they denied loan approval to a woman on maternity leave in violation of the Fair Housing...more
On July 14, 2016, the FTC announced that, as part of an ongoing crackdown on deceptive collection practices, it reached a settlement with two debt collectors and three companies charged with using illegal collection tactics....more
On July 14, 2016, the CFPB announced that it ordered a bank to pay $10 million in fines for its overdraft service practices. According to the CFPB, the bank’s telemarketing vendor used allegedly deceptive marketing and sales...more