News & Analysis as of

Consumer Financial Protection Act

Middle District of Pennsylvania Ignores Key Constitutional Questions in Navient Case

by Ballard Spahr LLP on

As we’ve discussed before, the CFPB sued Navient over its student loan servicing practices in the Middle District of Pennsylvania. In doing so, the CFPB followed its strategy of announcing new legal standards by enforcement...more

SCOTUS denies petition for certiorari in case asserting recess appointment defense to CFPB enforcement action

by Ballard Spahr LLP on

On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

by Ballard Spahr LLP on

The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

Court Accepts $39 Million Settlement Between CFPB and Mortgage Relief Law Firm

by Goodwin on

On June 21, 2017, a federal judge in the Western District of Wisconsin accepted a Stipulated Final Judgment and Order (“Stipulated Judgment?“) based on an agreement between the CFPB and the bankruptcy trustee of a now defunct...more

Financial CHOICE Act Approved in the House

On June 8, 2017, the House passed H.R. 10, the Financial “CHOICE” Act with a vote of 233 to 186. Introduced on April 27, 2017, the Financial CHOICE Act proposes to amend the Dodd-Frank Act to repeal the Volcker Rule,...more

Court Tosses CFPB Suit Against Payment Processor

A payment processor scored a victory against the Consumer Financial Protection Bureau (CFPB) when a North Dakota federal court dismissed the Bureau's lawsuit for failing to plead facts sufficient to support the conclusion...more

Consumer Financial Data Aggregation & the Potential for Regulatory Intervention

A confluence of regulatory activity and policy debates seems to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how...more

Federal district court refuses to dismiss CFPB lawsuit against law firms and attorneys for unlawful debt relief practices

by Ballard Spahr LLP on

A California federal district court has refused to dismiss a lawsuit filed by the CFPB in January 2017 against several law firms and attorneys alleging that the defendants violated the FTC’s Telemarketing Sales Rule (TSR) and...more

CFPB is Busier than Ever – And Not Only with the Usual Suspects

by Baker Donelson on

Despite the new administration's distaste for Dodd-Frank and the CFPB, 2017 has been quite an active year so far: as of May 1, there have been 21 enforcement actions initiated by the CFPB against various entities across the...more

CFPB Settlements: It’s Not Over Until It’s Over

by Foley & Lardner LLP on

On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of...more

CFPB doubles down on its attacks against online tribal lenders

by Ballard Spahr LLP on

In a new lawsuit filed in an Illinois federal district court, the CFPB alleges that four online tribal lenders engaged in unfair, deceptive, and abusive acts or practices in violation of the Consumer Financial Protection Act...more

CFPB Lawsuit Targets High-Interest Online Lenders

by Goodwin on

On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged...more

D.C. Circuit affirms denial of CFPB petition to enforce CID issued to college accrediting organization

by Ballard Spahr LLP on

The D. C. Circuit has affirmed the D.C. federal district court’s April 2016 denial of the CFPB’s petition to enforce a CID issued to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

CFPB Files Complaint Against Ohio Debt Collection Law Firm Over Misrepresentations

by Goodwin on

?On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging...more

How’d You Score That? CFPB Fines Experian Because of Misleading Credit Score Marketing

Whether it’s a football game, a standardized test, or a person’s credit, scores matter. In the case of consumer credit scores, the difference between falling in the high and low ends of the score spectrum impacts the...more

CFPB settles with consumer reporting agency for alleged UDAAP/FCRA violations

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Experian, a consumer reporting agency, for allegedly engaging in the deceptive marketing of credit scores in violation of the Consumer Financial Protection...more

CFPB Fails to State Case Against Payment Processor

by McGuireWoods LLP on

The United States District Court for the District of North Dakota recently dismissed the Consumer Financial Protection Bureau’s (CFPB) complaint against a payment processor, Intercept, in a case McGuireWoods has been...more

Federal District Court Dismisses CFPB Enforcement Action Against Payment Processor; UDAAP Not Sufficiently Pled

by Clark Hill PLC on

A federal district court judge for the District of North Dakota has granted a payment processor's motion to dismiss an enforcement action brought by the Consumer Financial Protection Bureau (CFPB or Bureau). This is one of a...more

Court Finds CFPB Case Against Payment Processor Lacking

by Morrison & Foerster LLP on

On March 17, 2017 the United States District Court for the District of North Dakota granted the motion of Intercept Corporation (“Intercept”) and its senior executives to dismiss the complaint filed almost a year ago by the...more

Competing House and Senate bills aim to eliminate or reform the CFPB

by Ballard Spahr LLP on

Although the Trump Administration has largely been silent with respect to Dodd-Frank and the future of the CFPB, some members of Congress have been very active in proposing significant legislative changes. Several measures to...more

CFPB and New York Attorney General File Suit Against Settlement Company For Allegedly Defrauding 9/11 Responders and NFL Players...

by Goodwin on

On February 7, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) jointly announced they filed suit in the U.S. District Court for the Southern District of New York against a settlement...more

D.C. Circuit hears oral argument on CFPB authority to issue CID to college accrediting organization

by Ballard Spahr LLP on

Last week, the D. C. Circuit held oral argument in the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for...more

CFPB and Virginia AG settle claims against pawnbroker for alleged TILA/CFPA/VA law violations

by Ballard Spahr LLP on

The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with  Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia...more

CFPB files complaint alleging defendants ran unlawful debt relief operation

by Ballard Spahr LLP on

The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more

PHH files supplemental response to CFPB’s rehearing petition; opposes state AGs’ motion to intervene

by Ballard Spahr LLP on

This past Friday, PHH filed a supplemental response to the CFPB’s petition for en banc rehearing and a response opposing the motion filed by Democratic Attorneys General of 16 states and the District of Columbia to intervene...more

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Cybersecurity

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