News & Analysis as of

CFPB Takes Action Against Mortgage Companies for Deceptive Advertising

On February 12, the CFPB announced a civil suit against a Maryland-based mortgage company and consent orders with two additional mortgage companies headquartered in Utah and California for allegedly misleading consumers with...more

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

CFPB Issues $2 Million Fine Against Mortgage Lender

Last week, the Consumer Financial Protection Bureau (CFPB) announced that mortgage lender NewDay Financial LLC, which specializes in Veterans Administration-backed loans available to military personnel and veterans, had...more

CFPB takes action on misleading advertisements

Late last week, on February 12, the CFPB announced actions against three mortgage companies for alleged violations of Regulation N, the Mortgage Acts and Practices Advertising Rule. Among other restrictions, Regulation N bars...more

FTC Takes First Action Against Car Title Lenders

Why it matters - In the agency’s first action against a title lender, the Federal Trade Commission (FTC) recently reached a deal with a pair of car title lenders accused of deceptive advertising. The Commission alleged...more

CFPB Orders Nonbank Mortgage Lender to Pay $2 Million Penalty for Deceptive Advertising and Kickbacks

On February 10, the CFPB announced a consent order with a Maryland-based nonbank mortgage lender, ordering the lender to pay a $2 million civil money penalty for allegedly failing to disclose its financial relationship with a...more

CFPB to Section 8 of RESPA: Will You Be My Valentine?

The love affair continues between the Consumer Financial Protection Bureau (“CFPB”) and enforcement under Section 8 of the Real Estate Settlement Procedures Act (“RESPA”). On February 10, 2015, the CFPB announced a consent...more

Proposed Settlement Would Shut Down “Sham Credit Card” for Good

Union Workers Credit Services (UWCS) doesn’t offer open-ended credit services and isn’t affiliated with union workers, according to the Consumer Financial Protection Bureau. Back in December, the Bureau sued UWCS, alleging...more

CFPB Seeks Court Approval of Consent Order Shutting Down Alleged Sham Credit Card

Last December, the CFPB sued a Texas-based company, Union Workers Credit Services, alleging that the company deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card...more

FTC Director Rich: Greater Transparency Needed in Post-Mad Men Era of Online Advertising

The world of the popular television show Mad Men may be glamorous, but according to the Director of the Federal Trade Commission’s Bureau of Consumer Protection, Jessica Rich, it depicts more fiction than fact about modern...more

CFPB Files Suit Against Texas Company for Alleged Deceptive Practices Targeting Union Workers

On December 17, the CFPB announced it filed suit against a Texas-based company for allegedly deceiving consumers into paying fees to sign up for a “sham” credit card. According to the complaint filed in the Northern District...more

CFPB Targets Marketing Service Agreements

On September 25, 2014, the Bureau of Consumer Financial Protection (“CFPB”) entered into a Consent Order with Lighthouse Title, Inc., a title insurance company located in Holland, Michigan (“Lighthouse”), in which the CFPB...more

CFPB Takes Action for Deceptive Advertisement of "Free Checking"

Although the CFPB has focused its rulemaking and enforcement actions on mortgage servicing and lending, it recently entered into a consent order with M&T Bank regarding the deceptive advertising of free checking. The...more

CFPB Warns Credit Card Issuers Regarding Offering Promotional APRs

On September 3, the CFPB published Bulletin 2014-02 warning credit card issuers of the risk of engaging in deceptive or abusive acts and practices in connection with solicitations offering a promotional annual percentage rate...more

Legal Alert: CFPB Warns Credit Card Companies About Potential UDAAP Violations When Marketing Promotional Interest Rates

The Consumer Financial Protection Bureau (CFPB) issued a bulletin on September 3, 2014 warning credit card companies that marketing materials for promotional annual percentage rate (APR) offers may be in violation of the...more

CFPB Warns Credit Card Companies Against Deceptively Marketing Promotional Offers

On September 3, the CFPB warned credit card companies against deceptively marketing interest-rate promotions, over concerns about companies luring in consumers with offers of reduced or zero interest for a specific purchase...more

CFPB Fines Online Mortgage Company And Its Owner For Alleged Deceptive Rate Advertising

On August 12, the CFPB announced a consent order with a nonbank mortgage lender, its affiliated appraisal management company (AMC), and the individual owner of both companies to resolve allegations that the lender deceptively...more

Pom v. Coke Will Impact Financial Services Too

Law 360, New York (June 23, 2014, 11:22 AM ET)--Legal and compliance departments, take note: the U.S. Supreme Court’s recent decision in Pom Wonderful LLC v.Coca-Cola Co. confirms that even i fan institution’s conduct meets...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

FTC Settles First Mortgage Advertising Rule Enforcement Action

The Federal Trade Commission recently announced a settlement of its first enforcement action under its Mortgage Acts and Practices - Advertising Final Rule (MAPR)....more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 28, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY - CRIMINAL ENFORCEMENT -...more

Advertising Law -- May 31, 2013

A Friendly Reminder from the FTC: You May Be in Trouble - Continuing the countdown to the effective date of the amended Children’s Online Privacy Protection Act Rule, the Federal Trade Commission sent “educational...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 24, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - PAYMENTS - Excerpt from Consumer...more

Advertising Law -- May 23, 2013

SPECIAL FOCUS: CFPB - On May 9, 2013 the Federal Trade Commission sent a letter to the Bureau of Consumer Financial Protection (“CFPB”) that describes its enforcement actions and other activities during 2012 with...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 15, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - PAYMENTS - Excerpt...more

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