Consent Order

News & Analysis as of

CSBS Announces $5.2 Million Multi-State Enforcement Action Against Maryland-Based Mortgage Lender To Resolve Allegations Of...

On April 13, the Conference of State Bank Supervisors (“CSBS”) announced a settlement agreement and consent order following a coordinated enforcement action launched by 43 states against a non-bank mortgage lender after...more

Cardinal Health Agrees to Settle Monopolization Claims

The Federal Trade Commission ("FTC") announced on April 20, 2015 that it had entered into a stipulated consent order ("Order") with Cardinal Health, Inc. ("Cardinal"). The Order, which is pending court approval, requires...more

CFPB Update: CFPB Orders $3.1 Million in Refunds to Military Servicemembers in Fifth Case Involving Military Allotments

On Monday, the Consumer Financial Protection Bureau (CFPB) announced the latest in a series of five enforcement actions involving military allotments: a $3.1 million consent order against a payment processor, Military...more

CFPB Targets Another Mortgage Lender for Deceptive Advertising

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

CFPB announces settlement with processors of military allotments

The CFPB has announced a settlement with two companies that processed military allotments and were alleged to have charged fees to servicemembers that the companies failed to adequately disclose. The consent order requires...more

Georgia Banking Regulator Revokes License of Pennsylvania Mortgage Lender

On April 13, the Georgia Department of Banking and Finance (Department) entered into a Consent Order (Order) with a Pennsylvania-based mortgage lender and its owners for failing to file a timely application with the state...more

CFPB Orders Mortgage Lender to Pay $250,000 Penalty for Deceptive Advertising

On April 9, the CFPB announced a consent order with a California-based mortgage lender, requiring the lender to pay a $250,000 civil money penalty for advertising that allegedly led customers to believe the company was...more

Consent Judgments Entered Against Individuals and Law Firm Accused of Mass-Joinder Mortgage Rescue Scams

Consent judgments in a lawsuit brought by the Florida and Connecticut Attorneys General have been entered against five individuals and one law firm for their part in an alleged “mass-joinder” mortgage rescue scam....more

CFPB Continues Focus on Mortgage Lender Advertising

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

FTC Scrutinizes Two Companies For Falsely Reporting Compliance With E.U. Safe Harbor In Privacy Policies

On April 7, 2015, the Federal Trade Commission (“FTC”) announced that two companies have agreed to settle claims that the companies failed to update their privacy policies to reflect lapsed compliance with the U.S.-E.U. and...more

FTC settles with two companies over misrepresentations of safe harbor compliance

The Federal Trade Commission (FTC) announced last week that it is settling investigations against American International Mailing, Inc. and TES Franchising LLC alleging that each were misrepresenting to consumers that they...more

CFPB Announces Action Against National Debt Collection Company

On March 30, the CFPB announced an enforcement action against a nationwide debt collection operation and its CEO for allegedly violating the FDCPA. The Bureau’s complaint alleges that the debt collection operation (i) posed...more

CFPB targets another mortgage lender for deceptive advertising

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

New CFPB Consent Orders Point to Growing Indirect Regulation of Title Insurance

The Dodd-Frank Act of 2010 granted rule-making authority under the Real Estate Settlement Procedures Act (RESPA) to the CFPB and, with respect to entities under its jurisdiction, generally granted authority to the CFPB to...more

Eleventh Circuit Throws Out FDCPA Complaint On Grounds of Judicial Estoppel

On March 31, U.S. Court of Appeals in the 11th Circuit concluded that the district court properly dismissed plaintiff’s FDCPA complaint, using the concept of judicial estoppel. Ward v. AMS Servicing, LLC, 2015 WL 1432982...more

Indianapolis Hampton Inn Operators Held in Contempt for Breaching EEOC Consent Decree Settling Earlier Class Race Bias Suit

Federal Court Also Rules That EEOC Is Entitled to Submit a Petition for Fees and Costs. INDIANAPOLIS - A federal judge has held that the operators of the Hampton Inn on Shadeland Avenue in Indianapolis in contempt for...more

Failure to Comply with Terms of EEOC Consent Order Costs Employer $400,000 in Agency's Costs

Under federal civil rights laws, one major difference between suits brought by the Equal Employment Opportunity Commission and private parties involves liability for attorney’s fees. Losing employers must pay the prevailing...more

New York DFS Takes Action Against Bank for BSA/AML Compliance Deficiencies

On March 12, the New York DFS issued a consent order against a Germany-based global bank for alleged Bank Secrecy Act and other anti-money laundering (BSA/AML) compliance violations that occurred between 2002 and 2008....more

New Day For RESPA: The UDAAPification Of Section 8

The Real Estate Settlement Procedures Act has gone the "UDAAPified" way of debt collection — this time, through enforcement rather than guidance. In July 2013, Consumer Financial Protection Bureau Bulletin 2013-07...more

Massachusetts Mortgage Lender Fined For Conducting Business at Unapproved Branch Location

On February 27, the Massachusetts Division of Banks entered into a consent order with a mortgage lender resolving allegations that it violated state and federal regulations. Under the terms of the consent order, the mortgage...more

Subprime Credit Card Company Ordered to Pay $3M by CFPB

Why it matters - Pursuant to a consent order entered into with the Consumer Financial Protection Bureau (CFPB), Continental Finance Company must refund $2.7 million to approximately 98,000 customers and pay a $250,000...more

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

A “Bad Day” for NewDay - CFPB finds RESPA and UDAAP Violations in Marketing Arrangements

The CFPB has issued another Consent Order finding certain marketing and advertising services arrangements to violate RESPA’s prohibition on kickbacks. The CFPB required the lender, NewDay Financial, LLC (“NewDay”), to pay a...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 Orders Credit Card Company to Refund $2.7 Million for Charging Excessive Credit Card Fees

On February 4, the CFPB announced a consent order with a Delaware-based credit card company, ordering the company to refund an estimated $2.7 million to approximately 98,000 consumers and pay a civil penalty of $250,000 for...more

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