News & Analysis as of

Consent Order

Bridging the Week - April 2017 #4

CME Group Revises July 2016 Proposal Authorizing End Customers to Become Direct Clearing Members Without Incurring Liability for Default of Other Members - CME Group submitted amendments to its proposed rule changes...more

Retailers Beware! Dollar General Just Hit with $1.125 Million Judgment for Improper Hazardous Waste Handling and Disposal

by Stoel Rives LLP on

Here’s another major reminder to retailers to know their waste streams and to make sure they are being managed and handled properly. On Monday, Kern County Superior Court Judge Sidney P. Chapin ordered Dollar General (Dolgen...more

California DBO Enters Into $1.4 Million Consent Order With Mortgage Lender Over Interest Charges

by Goodwin on

On April 10, 2017, the California Department of Business Oversight (DBO) announced? that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was...more

Financial Services Weekly News - March 2017 #5

by Goodwin on

Editor's Note - In This Issue. The Securities and Exchange Commission (SEC) was active this week, moving to shorten the settlement cycle for broker-dealer transactions from T+3 to T+2 and issuing updated guidance...more

The CFPB Enforcement Action Against Navy Federal Credit Union and the Broad Sweep of UDAAPs

by Nexsen Pruet, PLLC on

This past October, the Consumer Financial Protection Bureau (“CFPB”) took action against Navy Federal Credit Union, the largest credit union in the country. In doing so, the CFPB relied upon one of its favorite enforcement...more

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

by Goodwin on

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

CFPB settles with consumer reporting agency for alleged UDAAP/FCRA violations

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Experian, a consumer reporting agency, for allegedly engaging in the deceptive marketing of credit scores in violation of the Consumer Financial Protection...more

FTC Announces Settlement with Municipal Debt Collector Over Alleged Abusive Debt Collection Practices

by Goodwin on

?On March 24, 2017, the Federal Trade Commission (FTC) announced? that it entered into a consent order with a debt collection company, resolving allegations that the company engaged in unfair and abusive debt collection...more

These Boots Are Made For Walkin’: Trade Dress and the Distinctive Look of a Boot Sole

Airwair, the owner of the Dr. Martens brand, recently launched a series of lawsuits in the Northern District of California to enforce the trade dress of its “iconic boots and shoes.” One lawsuit was filed in October against...more

Pension May be Collapsed in the Face of an Admitted Fraud

by Bennett Jones LLP on

In the recent decision of Alberta Motor Association v. Gladden, 2017 ABQB 174, the Alberta Court of Queen’s Bench clarified the limits to which employer-sponsored pension benefits will be immunized from enforcement...more

Financial Services Weekly News - March 2017 #4

by Goodwin on

Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

More Broken Privacy Promises from Upromise: Key Takeaways From Upromise’s Latest Settlement with the FTC

“Don’t make promises that you don’t intend to keep” is an admonishment received by every child and delivered by every parent. This pithy maxim is equally applicable to consent orders entered into with regulatory authorities....more

CFPB Enters Consent Order with Mortgage Lender Over Alleged HMDA Violations

by Goodwin on

On March 15, 2017, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with national nonbank mortgage lender that requires the lender to pay a $1.75 million civil monetary penalty to resolve alleged...more

CFPB Imposes Record Fine on National Bank

by Goodwin on

On Thursday, September 8, 2016, the Consumer Financial Protection Bureau (“CFPB”), in connection with the Office of the Comptroller of the Currency (“OCC”) and the City of Los Angeles, announced that the government was...more

RESPA Two-Step: CFPB Shows Continued Expansive Interpretation of Section 8

by Morrison & Foerster LLP on

On January 31, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced a Consent Order (“Order”) with Prospect Mortgage LLC and certain of its affiliates (“Lender”). The CFPB alleged in the Order widespread...more

Financial Services Weekly News - March 2017

by Goodwin on

Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more

Oregon DEQ Pilot Program to Review Long-term Controls at Cleanup Sites

by Stoel Rives LLP on

This March the Oregon Department of Environmental Quality (“DEQ”) is launching a pilot program to take a fresh look at long-term institutional and engineering controls implemented at cleanup sites that have received No...more

Nutter Bank Report, February 2017

CFPB Fines Mortgage Lender for Violating the RESPA Anti-Kickback Rule The Consumer Financial Protection Bureau (“CFPB”) has taken enforcement action in the form of a consent order against a mortgage lender, including...more

Mortgage Servicer Enters in to $225 Million Consent Order with California DBO

by Goodwin on

On February 17, 2017, the California Department of Business Oversight (California DBO) announced that it had entered in to a $225 million consent order with a national mortgage servicer following an investigation by a...more

Bad System Conversion Leads to CFPB Consent Order for Prepaid Card Provider and its Vendor

The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into...more

Certiorari Denied For $6.2 Million Consent Order Violation Based On a Patent Later Held Invalid

On November 28, 2016, the U.S. Supreme Court denied a writ of certiorari seeking appeal of the Federal Circuit’s decision to uphold the ITC’s imposition of a $6.2 million penalty against DBN, Inc. and BDN LLC (collectively,...more

Georgia AG Follows Familiar Pattern; Settles Suit Against California Payday Lender for Alleged Rent-A-Tribe Scheme

by Goodwin on

On February 9, the Attorney General’s Office for the State of Georgia (Georgia AG) announced that it reached a settlement and entered into a consent order with a California-based online lender relating to an alleged...more

Mortgage Lender Settles with HUD for Allegedly Making FHA Mortgage Loan Payments on Behalf of Borrowers

by Goodwin on

On February 7, the U.S. Attorney for the Eastern District of New York, the Office of the Inspector General for the Department of Housing and Urban Development (HUD), and the Inspector General for the Federal Deposit Insurance...more

CFPB and VA AG Take Action Against Pawnbroker

by Goodwin on

On February 2, 2017, the Consumer Financial Protection Bureau (CFPB) and the Attorney General for the Commonwealth of Virginia (Virginia AG) announced the filing of a complaint and a stipulated consent order in the United...more

The CFPB's Prospect RESPA Consent Orders: Eight Key Takeaways

by Foley & Lardner LLP on

The Consumer Financial Protection Bureau (CFBP) on January 31, 2017, issued consent orders settling enforcement claims that a major mortgage lender violated the Real Estate Settlement Procedures Act (RESPA) in connection with...more

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Cybersecurity

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