Consent Order

News & Analysis as of

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

Fix My Merger – Lessons from FTC Bureau Director Feinstein on the Use of Consent Orders to Remedy Anticompetitive Mergers

In her first speech since becoming Director of the Federal Trade Commission’s Bureau of Competition, Deborah Feinstein highlighted five benefits arising from addressing antitrust violations through consent orders and...more

FTC ‘Checks’ In With $3.5 Million Consent Order Under Fair Credit Reporting Act

This week the Federal Trade Commission entered into a consent decree with Certegy Check Services, one of the nation’s check authorization service companies, pursuant to which Certegy has agreed to pay $3.5 million to settle...more

Best Practices for Investment Advisers on Trade Execution: An Analysis of Two Recent SEC Settlements

On July 31, 2013, the U.S. Securities and Exchange Commission (SEC) announced that two investment advisers allegedly failed to seek best execution on client trades placed with their in-house brokerage divisions and misled...more

The Enterprise and Regulatory Reform Act 2013

The Enterprise and Regulatory Reform Act 2013 introduces a number of reforms designed to simplify and streamline existing planning procedures to provide greater clarity for owners and developers of listed buildings or...more

CFPB Issues Consent Order To Taylor Homes Based On Sham Joint Venture Arrangement

On May 17, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order to Paul Taylor Homes Limited, Paul Taylor Corp. and Paul Taylor individually (altogether “Taylor”) based on the CFPB’s findings that...more

CFPB uses enforcement powers in attempt to shut down debt relief company in Florida

This past Thursday, the CFPB announced that it filed a complaint against a Florida debt-relief company that misled consumers across the country. Following an investigation into American Debt Settlement Solutions, Inc. (ADSS)...more

Spotlight On The SCRA (Part 2 Of 3): Ensuring Compliance

Recent enforcement activity has demonstrated the agencies have taken to viewing the SCRA as a strict liability statute. This shift in interpretation makes financial institutions legally responsible for compliance with the...more

Bank Regulators Announce First Foreclosure Review Payments

On April 9, the Federal Reserve Board and the OCC announced that payments to borrowers impacted by allegedly improper foreclosure practices would begin on April 12, 2013. ...more

CFPB Settles Allegations of Improper Payments by Mortgage Insurers

The Consumer Financial Protection Bureau (CFPB) announced that it had settled enforcement actions against four insurance companies in connection with alleged improper payments between the insurance companies and mortgage...more

FTC Orders Two Bleach Wholesalers to Put an End to Non-Compete Agreement

On January 18, 2013, the Federal Trade Commission (FTC or the “Commission”) announced that it will require bleach producer Oltrin Solutions, LLC (“Oltrin”) to release its competitor, JCI Jones Chemicals, Inc. (JCI) from an...more

FTC Consent Order Illustrates Importance of Privacy Policy Disclosure and Adherence

The importance of fully disclosing (and abiding by) your company’s privacy policies was underscored last month when the U.S. Federal Trade Commission issued a consent order barring Epic Media Group, LLC, an online advertising...more

18 Results
|
View per page
Page: of 1