Consent Order

News & Analysis as of

CFPB settles enforcement action against another debt settlement payment processor

The latest chapter in the CFPB’s “comprehensive effort to address consumer harm and to root out unlawful practices across the debt settlement industry” is a settlement announced yesterday with Global Client Solutions, “a...more

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers....more

Lender Agrees to Pay CFPB $2.75 Million Fine for Distorting Credit Records

The CFPB obtained a consent order from an auto finance company that allegedly distorted consumer credit records for years. The auto finance company, which according to the CFPB lends primarily to subprime borrowers, allegedly...more

No RESPA Respite - Continued

The CFPB continues to crack down on basic RESPA violations. On August 12, 2014, the CFPB announced yet another Consent Order with alleged violations of RESPA. In this case, an on-line retail mortgage company, the company’s...more

CBS Broadcasting Inc. v. FilmOn.com, Inc.

CBS Broadcasting Inc. v. FilmOn.com, Inc. - USDC, S.D.N.Y., July 24, 2014: District court issues second contempt finding against unauthorized content redistributor FilmOn.com, finding that FilmOn.com violated...more

Sixth Circuit Weighs in on CERCLA Cost Recovery, Contribution Actions

The U.S. Court of Appeals for the Sixth Circuit Court recently issued an important opinion related to claims to recover environmental cleanup costs at an Ohio landfill. The court’s ruling in Hobart Corporation, et al. v....more

Federal Circuit Makes ITC Comply With Its Own Rules

In an opinion dated July 18, 2014, in Align Technology, Inc. v. International Trade Commission (Fed. Cir. July 18, 2014, No. 2013-1240, -1363) 2014 U.S. App. Lexis 13717, the Federal Circuit vacated and remanded a decision of...more

New York Fines Two Major Insurers

Two recent Consent Orders issued by the New York State Department of Financial Services against major insurers appear to signal the Department’s enhanced focus on insurers’ detailed compliance with regulatory requirements....more

Settling Parties In Government Consent Orders Have CERCLA Claims For Contribution Not Cost Recovery

To the extent there was any remaining uncertainty, the Sixth Circuit has now made crystalline that a party settling some or all of its liability under CERCLA with the United States or a state has a contribution claim under...more

Individual Liability: What’s Behind The Headlines?

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

Federal, State Authorities Announce Substantial Mortgage Settlement

On June 17 the DOJ, the CFPB, HUD, and 49 state attorneys general and the District of Columbia’s attorney general announced a $968 million consent judgment with a large mortgage company to resolve numerous federal and state...more

FDIC Restricts Bank’s Card Businesses Pending BSA Compliance Enhancements

On June 5, the FDIC and a Delaware bank entered a consent order that prohibits the bank from entering into any new relationships with third-party prepaid card processors or prepaid card program managers until the FDIC...more

DOJ, CFPB Fair Lending Enforcement Actions Target Credit Card Repayment Programs, Marketing Of Add-On Products

On June 19, the CFPB and the DOJ announced parallel enforcement actions against a federal savings bank that allegedly violated ECOA in the offering of credit card debt-repayment programs and allegedly engaged in deceptive...more

CFPB & DOJ Consent Orders with Former GE Capital Retail Bank: Something Old and Something New

Yesterday, the CFPB announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “Add-On Matter” targets alleged deceptive...more

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for...more

GAO Recommends Enhanced Oversight Of Independent Foreclosure Review Settlements

On April 29, the GAO published a report on its examination of the 2013 amended consent orders that ended the Independent Foreclosure Review process. After testing the regulators’ major assumptions, the GAO concludes “that the...more

Fair Servicing: Regulators Watch for Discrimination by Servicers

Federal regulators delivered that message in October 2013, reminding loan servicers that they are subject to fair lending liability and must manage their fair lending risks. The regulators’ message concerning “fair servicing”...more

Enforceable Consent Agreement: EPA Issues Testing Enforceable Consent Order for D4 -- With Some Interesting Twists

The U.S. Environmental Protection Agency (EPA) published a notice on April 4, 2014, announcing that it issued a testing consent order that incorporates an enforceable consent agreement (ECA) for octamethylcyclotetrasiloxane...more

Fidelity Mortgage Consent Order Sends Strong Message the CFPB Will Enforce Laws, No Matter Size of Violator

On January 16, 2014, the CFPB issued a Consent Order resolving a claim that Fidelity Mortgage Corporation (Fidelity), a mortgage lender, and its president, Mark Figert, violated RESPA Section 8 by paying illegal kickbacks to...more

FTC Settles Case With Medical Transcription Company

The Federal Trade Commission (FTC) recently announced that it had settled its data privacy case against medical transcription firm GMR Transcription Services, Inc. (GMR) following allegations that GMR had failed to adequately...more

CFPB's First Consent Order of 2014 Addresses RESPA Section 8(a) Kickback Scheme

The Consumer Financial Protection Bureau (CFPB) issued its first enforcement order of 2014 against a St. Louis mortgage lender, Fidelity Mortgage Corporation (FMC), and its president, Mark Figert. The January 16 consent order...more

Two Recent FTC Cases Demonstrate the Antitrust Risk of Association Codes of Ethics

The Federal Trade Commission (FTC) recently entered into consent orders with the Music Teachers National Association (MTNA) and the California Association of Legal Support Professionals (CALSPro). The consent orders highlight...more

CFPB and DOJ Enter Into First Joint Fair Lending Consent Order with Indirect Auto Finance Company

On December 20, 2013, the Consumer Financial Protection Bureau and U.S. Department of Justice entered into a joint fair lending settlement with Ally Financial, Inc. and Ally Bank to resolve allegations that the Company’s...more

CFPB Brings First Enforcement Action Involving Deferred Interest Products, Imposes Novel and Burdensome Application Requirements...

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) announced a consent order with GE Capital Retail Bank and its subsidiary CareCredit (collectively “CareCredit”) related to what the CFPB alleges were unfair and...more

CFPB Reaches Consent Orders for HMDA Violations

On October 9, 2013, the Consumer Financial Protection Bureau (“CFPB”) reached consent orders with two companies, Mortgage Master, Inc. (“Mortgage Master”) and Washington Federal, encompassing payment of civil penalties for...more

36 Results
|
View per page
Page: of 2