Consent Order

News & Analysis as of

NY DFS Obtains $3 Million in Restitution for Illegal Payday Lending

On May 18, the New York State Department of Financial Services (DFS) announced a consent order with a debt buyer for purchasing and collecting on allegedly illegal payday loans made to New York consumers, in violation of the...more

NY DFS Obtains $119K in Restitution for Illegal Payday Lending

On May 18, the New York State Department of Financial Services (DFS) announced a consent order with a Virginia debt buyer for collecting on illegal payday loans from New York consumers, in violation of the Fair Debt...more

Native Advertising: Recent FTC Cases Require Disclosure of Paid Endorsements on Social Media

Two recent cases by the Federal Trade Commission (“FTC”) demonstrate its position that paid endorsements in social media must be disclosed. These cases reinforce the FTC’s stance on transparency in native advertising, which...more

CFPB Takes Action Against Law Firm, its Partners, and Debt Buyer for Alleged FDCPA Violations

On April 25, the CFPB issued separate consent orders to a New Jersey-based law firm and two of the firm’s partners and a New Jersey-based debt buyer for alleged violations of the FDCPA and the Dodd-Frank Act. According to the...more

Do We Want the CFPB to Regulate the Practice of Law?

On April 25, the Consumer Financial Protection Bureau (“CFPB”) entered into a Consent Order with a New Jersey debt collection law firm, Pressler & Pressler, LLP, and two of its managing partners, Sheldon H. Pressler, and...more

FTC Settles Monopolization Charges Stemming from Contract Exclusivity Terms Used by First-to-Market Medical Polymer Maker

The mere possession of monopoly power does not violate federal antitrust laws. The laws only address the anticompetitive acquisition, maintenance, or abuse of that power. The Federal Trade Commission (“FTC”) entered into a...more

CFPB Announces $2.5 Million Fine, Compliance Monitoring for Deceptive Debt Collection Practices

On April 25, 2016, the Consumer Financial Protection Bureau (CFPB) entered into consent orders with a debt collection law firm, two of the firm’s principal partners, and New Century Financial Services, Inc., a company that...more

Debt Collection Litigation in the Cross Hairs: CFPB's Consent Order Against New Jersey Law Firm Creates More Problems Than...

Lightning can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another debt...more

CFPB Gives Debt Relief Company Targeting Students a Failing Grade

Continuing its focus on the student loan industry, the Consumer Financial Protection Bureau (CFPB) ordered a debt relief company to shut down operations and pay a penalty for allegedly scamming borrowers and misrepresenting...more

CFPB announces consent orders with debt collection law firm, two law firm partners, debt buyer

The CFPB announced that it has entered into two consent orders involving debt collection litigation practices. A debt collection law firm and two of its partners are the subject of one consent order and a debt buyer is the...more

CFPB Steps Up Scrutiny of FinTech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the...more

#Ad! — Lessons from the FTC’s First Case since the Release of its Enforcement Policy on Native Ads

As was widely reported, the Federal Trade Commission entered into a settlement in March with Lord & Taylor over charges that the retailer allegedly deceived consumers through a native advertising campaign run on Instagram and...more

County Fair Farm Settles EEOC Class Sex Harassment and Retaliation Suit

Maine Farm Subjected Farmworkers to Abuse Since 2003, Federal Agency Charged - BOSTON - The federal district court in Portland, Maine has approved a consent decree resolving discrimination litigation brought by U.S....more

PLI’s “The CFPB Speaks” Panel Discussion

On April 4, at the Practicing Law Institute’s (“PLI”) 21st Annual Consumer Financial Services Institute in Manhattan, Alan Kaplinsky (a co-chair of the institute) moderated a panel entitled “The CFPB Speaks,” where CFPB...more

CFPB Issues Consent Order against San Diego-Based Student Debt Loan Relief Company

On March 30, the CFPB filed a consent order against a San Diego-based student debt relief operation for alleged violations of the CFPA, the Telemarketing Sales Rule, and Regulation P. According to the CFPB, the company –...more

FTC Plays Hard Ball, Fines LifeLock for Violating Customer Privacy Order

The Federal Trade Commission recently demonstrated the repercussions companies can face when they violate an order requiring them to improve security measures with their customers’ personal information. LifeLock, a...more

NY DFS Brings First Data Security Action

The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...more

CFPB’s First-Ever Data Security Enforcement Action

Earlier this month, the Consumer Financial Protection Bureau (CFPB) made headlines by bringing its first enforcement action in the data security space. Dwolla, Inc., an Iowa-based online payment processor, was the CFPB’s...more

The CFPB Files First Consent Order Involving Data Privacy

On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) filed the first consent order (Order) involving data privacy since the CFPB’s inception in 2010. The Order serves as a warning to all companies that collect,...more

Business Owner Ordered to Pay $1.3 Million for Leaking UST

The Arizona Department of Environmental Quality (ADEQ) obtained a judgment against William Arnett for $1.3 million for underground storage tank (UST) law violations that stem back to the late 1980s. A Maricopa County Superior...more

CFPB’s First Data Security Consent Order: No Breach Required

On March 2, the Consumer Financial Protection Bureau (“CFPB”) issued its first Consent Order against a company for flawed data security practices in violation of the Consumer Protection Act’s prohibition on unfair, deceptive,...more

Consumer Financial Protection Bureau Brings Its First Data Security Enforcement Action

On March 2, the Consumer Financial Protection Bureau (“CFPB”) issued its first ever consent order in a data security matter. According to the order, Dwolla, Inc. settled allegations that it misrepresented that the company had...more

Director Cordray acknowledges industry-wide application of consent orders

In his prepared remarks to the Consumer Bankers Association yesterday, Director Cordray attempted to defend the CFPB’s “regulation by enforcement” approach that has been widely criticized by industry. Director Cordray’s...more

A New Cyber Regulator on the Beat: The CFPB Issues its First Cybersecurity Order and Fine

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc....more

CFPB Jumps Into Cyber Enforcement Pool

In a much anticipated move, on March 2, 2016, the Consumer Financial Protection Bureau (CFPB) entered the cybersecurity foray with its first enforcement action against Dwolla, Inc., an online payment processing start-up. ...more

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