FirstCash, a national pawnshop chain, is asking a federal judge to confirm that it has a statutory defense to all of the CFPB’s claims that it violated the Military Lending Act (MLA) while also asking the judge to drop three...more
8/1/2024
/ Borrowers ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Interest Rates ,
Military Lending Act ,
Motion for Summary Judgment ,
Payday Loans ,
Regulatory Authority
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more
6/5/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Regulatory Agenda ,
Reporting Requirements
On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...more
4/29/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Educational Institutions ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Holder Rule ,
Income Share Agreements ,
Regulation Z ,
Regulatory Violations ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
On February 29, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued Consumer Financial Protection Circular 2024-01, Preferencing and steering practices by digital intermediaries for consumer financial products or...more
The Department of Justice (DOJ) announced that Patriot Bank (Patriot or Bank) has agreed to pay $1.9 million to resolve allegations that the Bank engaged in a pattern or practice of redlining majority-Black and Hispanic...more
1/31/2024
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Race Discrimination ,
Redlining
The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes...more
12/20/2023
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Regulation V
On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more
12/11/2023
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
EFTA ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Late Fees ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Popular ,
Proposed Rules ,
Regulation E ,
Rulemaking Process ,
SBREFA ,
Terms and Conditions ,
Unfair or Deceptive Trade Practices
Recently the U.S. Department of Justice (DOJ) entered into a proposed consent order with Ameris Bank to resolve allegations of redlining from 2016 through 2021 in majority Black and Hispanic areas in the Bank’s Jacksonville,...more
10/30/2023
/ Banks ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Mortgages ,
Race Discrimination ,
Redlining ,
Regulation B
The Consumer Financial Protection Bureau announced that it has entered into a Consent Order with Chime Inc., a nonbank fintech company, to settle alleged violations of the Electronic Fund Transfer Act (EFTA), Subpart B of...more
10/20/2023
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Non-Bank Lenders ,
Regulation E ,
Remittance Transfer Rule ,
Statutory Violations
The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. for alleged violations arising from the Bank’s representment fee practices (“Fee Consent Orders”). The CFPB also...more
7/13/2023
/ Bank of America ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deposit Accounts ,
Enforcement Actions ,
Financial Services Industry ,
OCC ,
Popular ,
Statutory Violations
The CFPB announced at the end of last week that it had entered into a consent order with Phoenix Financial Services, LLC (Phoenix), a third-party debt collector that collects primarily past-due medical debts and furnishes...more
6/13/2023
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
CRA ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Medical Debt ,
Regulation V ,
Third-Party
The Department of Justice announced earlier this week that it has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (HESAA) to settle the DOJ’s claim that HESAA violated the...more
The CFPB issued a consent order against an income share agreement (ISA) provider, Better Future Forward (BFF), in which it concluded that BFF’s ISAs are extensions of credit under the Consumer Financial Protection Act and...more
The CFPB announced earlier this week that it has issued a consent order against GreenSky, LLC that finds GreenSky engaged in unfair acts and practices in connection with its origination and servicing activities related to its...more
The CFPB announced that it has entered into a consent order with Security Group Inc. and its subsidiaries (Security Group) to settle an administrative enforcement action that charged the companies with having engaged in...more
6/15/2018
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Financial Services Industry ,
Popular ,
UDAAP ,
Unfair or Deceptive Trade Practices
The FTC has entered a proposed consent order with Victory Media, Inc. (VMI) to settle the FTC’s charges that VMI violated Section 5 of the FTC Act by engaging in deceptive acts or practices in connection with its promotion of...more
10/27/2017
/ Consent Order ,
Consumer Financial Products ,
Continuing Education ,
Educational Institutions ,
False Advertising ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Marketing ,
Military Service Members ,
Misrepresentation ,
Promotional Items ,
Section 5 ,
Social Media ,
Unfair or Deceptive Trade Practices ,
Veterans
The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more
1/5/2017
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Services Industry ,
Jurisdiction ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more
10/11/2016
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discretionary Functions ,
Discrimination ,
Disparate Treatment ,
ECOA ,
FDIC ,
Interest Rates ,
Loans ,
National Origin ,
National Origin Discrimination
The CFPB announced that it has entered into a consent order with Bridgepoint Education, Inc., the owner of two for-profit colleges, to settle charges that the company’s representatives engaged in deceptive acts or practices...more
9/13/2016
/ Civil Monetary Penalty ,
Colleges ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Educational Institutions ,
For Profit Colleges ,
For Profit Education ,
Student Loans ,
Students ,
Unfair or Deceptive Trade Practices
A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more
7/20/2016
/ Auto Lease ,
Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Ratings ,
Disclosure Requirements ,
False Advertising ,
Federal Trade Commission (FTC) ,
FTC Act ,
Popular ,
Section 5 ,
Unfair or Deceptive Trade Practices
The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more
7/11/2016
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgages ,
Popular ,
Race Discrimination ,
Redlining
The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Sage Bank to settle charges that the bank violated the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) by discriminating on...more