News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Advertising Consent Order

Sheppard Mullin Richter & Hampton LLP

CFPB Closes Online Lending Fintech for Violating ECOA and CFPB Consent Order

On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more

Ballard Spahr LLP

CFPB Issues Additional Consent Order for False and Misleading Mortgage Advertising

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On August 21, 2020, the CFPB announced the issuance of a consent order against Go Direct Lenders, Inc. (Go Direct). This follows consent orders discussed in a previous blog post, that were announced on July 24, 2020 against...more

Ballard Spahr LLP

CFPB Issues Consent Orders for False and Misleading Advertising for VA Mortgages

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On July 24, 2020, the CFPB announced the issuance of consent orders against Sovereign Lending Group, Inc. (Sovereign) and Prime Choice Funding, Inc. (Prime Choice). The CFPB indicated in their announcement that these consent...more

Bradley Arant Boult Cummings LLP

BCFP Enters Consent Order with Small Dollar Lender

Triton Management Group, Inc. (Triton) and several related companies entered into a consent order with the Bureau of Consumer Financial Protection (Bureau) in which Triton agreed to a $1 civil money penalty, $500,000 in...more

Goodwin

CFPB Enters Into Consent Order with Credit Reporting Agency Over Alleged Misrepresentations

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On March 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based credit reporting agency (CRA) and its subsidiaries, resolving allegations that the...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Consent Orders with Consumer Reporting Agencies Focus on Marketing Practices not Credit Reporting

Marketing practices remain at the forefront of CFPB activity as evidenced by two recent consent orders entered into with TransUnion and Equifax. The consent orders combine to require the CRAs to pay more than $17.6 million...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Consent Orders Serve as a Reminder to Mortgage Industry on Advertising Practices

A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any...more

McGuireWoods LLP

Consumer Financial Protection Bureau Takes Action Against Payment Processing Company and Mortgage Servicer

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The Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection...more

Ballard Spahr LLP

CFPB Targets Another Mortgage Lender for Deceptive Advertising

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The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

McGuireWoods LLP

CFPB Continues Focus on Mortgage Lender Advertising

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Last week, the CFPB announced an enforcement action against RMK Financial Corporation d/b/a Majestic Home Loans (RMK) related to deceptive mortgage advertising practices....more

Ballard Spahr LLP

CFPB targets another mortgage lender for deceptive advertising

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The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

Ballard Spahr LLP

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

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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

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