Enforcement Actions Consumer Financial Protection Bureau

News & Analysis as of

CFPB Drives Action Against Auto-Finance Company

Putting the brakes on what it viewed as aggressive debt-collection tactics, the Consumer Financial Protection Bureau (CFPB) filed suit in Ohio federal court on June 17, 2015, against Security National Automotive Acceptance...more

Merchants and Processors Beware: FTC Consumer Warning About Use of Bitcoin and Other Cryptocurrencies Is a Warning to You Too

The June 22 FTC blog posting warning consumers about the use of bitcoins and other virtual currencies should be a call to action for those accepting or facilitating the acceptance of bitcoin and other virtual currencies in...more

Despite 1st Administrative Appeal, CFPB Seeks Out Courts

On June 4, 2015, Consumer Financial Protection Bureau Director Richard Cordray issued a decision in the first appeal of a CFPB administrative proceeding. The appeal to Director Cordray followed the CFPB's first administrative...more

CFPB Issues Final Decision in In Re: PHH Corp.: First Agency Decision in Contested Administrative Proceeding

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued the Director’s final decision in the CFPB’s enforcement action against PHH Corp. (PPH). The decision is the agency’s first ruling in a contested...more

BNA INSIGHTS: Enforcement Actions Decline But Fines Hit Historic Highs in 2014

During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more

CFPB Increasingly Aiming “Abusiveness” Claims at Servicemember Products and Services

Are servicemembers more financially vulnerable than the civilians they protect? Recent enforcement actions suggest that, in the CFPB’s view, they are. While the Servicemembers Civil Relief Act (SCRA) provides more financial...more

CFPB Jolts Loan Originator Over Mortgage Origination

On June 4, 2015, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Northern District of California against RPM Mortgage, Inc. (RPM), and its CEO, Erwin Robert Hirt....more

Loan Originator Compensation: CFPB Grabs the “Steering” Wheel

The CFPB took action against two mortgage companies for violations of the Loan Originator Compensation Rule (“LO Comp Rule”), which prohibits compensation to loan originators based on loan terms, claiming that the companies’...more

CFPB Asserts Sweeping RESPA Enforcement Authority In First Appellate Decision

In a decision asserting broad authority for the CFPB and which is certain to set the tone for future CFPB appellate rulings, Bureau director Richard Cordray recently issued the Bureau’s first decision from an appeal of a...more

FTC Provides Annual Financial Acts Enforcement Report to CFPB and Federal Reserve

On June 9, the FTC announced that it has provided to the CFPB its 2014 Annual Financial Acts Enforcement Report. The report highlights the FTC’s enforcement, research, rulemaking, and policy development activities with...more

CFPB Releases New Reverse Mortgage Study Raising Marketing Practice Concerns

A recent study released by the Consumer Finance Protection Bureau (CFPB) regarding reverse mortgages suggests the CFPB is looking closely at the industry and the study may well be an omen of enhanced future enforcement...more

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

CFPB Issues First Appellate Ruling

In affirming its own decision, the Consumer Financial Protection Bureau (CFPB) leaves few protections for targets in its administrative enforcement proceedings. If you are subject to a CFPB administrative proceeding, or...more

CFPB Enforcement Actions Take on LO Comp and Fair Lending

Over the past couple of weeks, the CFPB has kept itself busy in the mortgage origination enforcement arena. In one complaint, the CFPB ordered a residential mortgage lender and its CEO to each pay a $1 million civil penalty...more

Special Alert: CFPB Consent Order Applies Loan Originator Compensation Rule to Marketing Services Agreements

On Friday, the CFPB announced a consent order against Guarantee Mortgage Corporation, resolving allegations that the company paid loan originators based on the terms of their mortgage loans in violation of the Loan Originator...more

CFPB Pursues Recovery Against For-Profit College Corinthian and Relief for Its Students

Corinthian Colleges (Corinthian) announced on April 26 that it would cease operations at its remaining physical campuses. This announcement refers to the 30 or so physical campuses that Corinthian continued to operate...more

CFPB Targets Real Estate Developer in Recent Enforcement Action

The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order against International Land Consultants, Inc. (ILC), a real estate development company, and four of its employees involved in the marketing,...more

CFPB and DOJ Settle With Mortgage Lender for Alleged Discriminatory Mortgage Pricing

On May 28, the CFPB, along with the DOJ, filed a joint complaint against a California-based mortgage lender alleging that the lender violated the Equal Credit Opportunity Act by engaging in a pattern or practice of...more

CFPB Director Cordray Issues First-Ever Agency Appellate Decision in RESPA Case

The Director of the Federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action. Cordray’s decision upholds in part,...more

CFPB and DOJ File Action Against Provident Funding Alleging Discriminatory Lending Policies and Practices

Last week, the Consumer Financial Protection Bureau (CFPB, or “Bureau”), together with the Department of Justice (DOJ), filed an enforcement action against Provident Funding Associates, L.P. (Provident), the second-largest...more

CFPB Orders Mortgage Originator to Pay $19 Million for Steering Violations – CEO to Pay $1 Million

The CFPB filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers...more

CFPB, DOJ Join in Fair Lending Enforcement Action Against Provident

On Thursday, the CFPB and the Department of Justice (DOJ) filed a joint complaint against the second-largest private mortgage company in the United States alleging it engaged in discriminatory lending practices from 2006 to...more

Additional Recent Actions Added To UDAAP Database

The CFPB has issued new enforcement actions that include allegations of unfair, deceptive, or abusive acts and practices (UDAAP) in connection with consumer financial products. We’ve updated our UDAAP Database with the most...more

CFPB Enforcement Action Appeals: Quick Resolution with Unchecked Discretion

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action. The appeal involves two companies that...more

CFPB Files Complaint Against Companies Offering Mortgage Payment Program

In a complaint filed yesterday in a California federal court, the CFPB alleges that two related companies offering a biweekly mortgage payment program and their individual owner engaged in deceptive telemarketing acts or...more

198 Results
|
View per page
Page: of 8

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×