News & Analysis as of

Enforcement Actions Consumer Financial Protection Bureau

Implications of the Supreme Court's Kokesh Decision

by WilmerHale on

Earlier this month, the Supreme Court ruled unanimously in Kokesh v. SEC that a claim for disgorgement arising from the violation of federal securities law constitutes a “penalty” for purposes of the general statute of...more

CFPB Imposes Hefty Fine on Mortgage Servicer for Alleged Violations of Servicing Rules

by Goodwin on

On June 7, 2017, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against mortgage servicer Fay Servicing, LLC (Fay), requiring Fay Servicing to pay $1.15 million to borrowers and to cease activities...more

CFPB Announces Consent Order for Mortgage Servicing Violations

by Ballard Spahr LLP on

The CFPB recently announced that it has entered into a consent order with Fay Servicing, LLC (“Fay”) to settle alleged mortgage servicing violations. A copy of the consent order can be found here. As is typical for CFPB...more

CFPB Enforcement Continues to Rise in Q1 2017 as Other Federal and State Enforcement Trend Downwards

by Goodwin on

In the first quarter of 2017, Consumer Enforcement Watch tracked 46 enforcement actions taken against consumer financial service providers. This represents a slight decrease from the 50 enforcement actions taken against...more

Supreme Court’s Kokesh v. SEC ruling limits CFPB disgorgement

by Ballard Spahr LLP on

On June 5, 2017, the U.S. Supreme Court handed down a unanimous decision in Kokesh v. SEC. In Kokesh, the SEC took the position that disgorgement was not a penalty and therefore not subject to the statute of limitations in 28...more

CFPB is Busier than Ever – And Not Only with the Usual Suspects

by Baker Donelson on

Despite the new administration's distaste for Dodd-Frank and the CFPB, 2017 has been quite an active year so far: as of May 1, there have been 21 enforcement actions initiated by the CFPB against various entities across the...more

What You Need to Know from the CFPB Spring 2017 Supervisory Highlights

by Baker Donelson on

The Consumer Financial Protection Bureau (CFPB) released its Spring 2017 Supervisory Highlights last month. This is the 15th volume to be released and each volume is a great resource to obtain line-of-sight into what the CFPB...more

Central District of California Upholds the Constitutionality of the CFPB and Enforces a CID

by Ballard Spahr LLP on

Adding to the growing body of cases disputing the CFPB’s authority to issue civil investigative demands (“CID”), a U.S. district court judge in the Central District of California, on May 17, rejected multiple challenges and...more

The Financial CHOICE Act Is Approved by US House Financial Services Committee

On May 4, the Financial CHOICE Act (the FCA) — which was introduced to the House of Representatives on April 26 by Rep. Jeb Hensarling (Texas-5), and co-sponsored by seven of his Republican colleagues and referred for...more

OIG Report Continues Criticism of CFPB Enforcement Data Security Practices

by Ballard Spahr LLP on

On May 15, 2017, the Federal Reserve Office of Inspector General – which also oversees the CFPB – released a report finding deficiencies in the CFPB Office of Enforcement’s (Enforcement) processes for securing sensitive...more

Navient Attacks CFPB UDAAP Enforcement Without Implementing Rules

by Ballard Spahr LLP on

One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by...more

CFPB Settlements: It’s Not Over Until It’s Over

by Foley & Lardner LLP on

On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of...more

Two CFPB enforcement actions tried in federal court

by Ballard Spahr LLP on

Two enforcement actions filed by the CFPB recently went to trial in federal district court. One of the cases was filed by the CFPB in July 2014 in a Wisconsin federal district court against two law firms and four of the...more

CFPB Supervisory Highlights Focus on Mortgage Origination, Mortgage Servicing, and Student Loan Servicing

by Goodwin on

On April 26, 2017, the CFPB issued a press release and its latest Supervisory Highlights, which spotlight the CFPB’s recent enforcement efforts in the areas of mortgage loan origination, mortgage loan servicing, and student...more

CFPB Fines Auto Lender $1.25 Million for Violations of Consent Order

by Goodwin on

?On April 26, 2017, the Consumer Finance Protection Bureau (CFPB) announced that it reached a consent order with an Ohio-based auto lender that allegedly violated a prior CFPB consent order by failing to properly return $1...more

CFPB Lawsuit Targets High-Interest Online Lenders

by Goodwin on

On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged...more

D.C. Circuit Rebukes CFPB in Civil Investigative Demand Enforcement Decision

by Pepper Hamilton LLP on

On April 21, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion in CFPB v. Accrediting Council for Independent Colleges & Schools, affirming a decision by the D.C. district court to deny...more

OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action...

by Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more

CFPB Files Complaint Against Ohio Debt Collection Law Firm Over Misrepresentations

by Goodwin on

?On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging...more

Senior CFPB representatives chime in from audience to defend enforcement initiatives

by Ballard Spahr LLP on

Last Friday in New Orleans, the ABA Business Law Section Consumer Financial Services Committee hosted a fascinating program about CFPB enforcement at the Section’s 2017 Spring Meeting. The program was entitled: “Too Much or...more

Some suggested questions for Director Cordray’s expected appearance at April 5 House hearing

by Ballard Spahr LLP on

On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...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

PLI’s “The CFPB Speaks” panel discussion

by Ballard Spahr LLP on

Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more

CFPB Loses a Major Battle (But Not Quite the War) Against Third Party Payment Processors

A recent US District Court decision dismissing a claim brought by the Consumer Financial Protection Bureau (CFPB) against a third-party processor and two of its executives deals a setback to the agency’s ability to pursue...more

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Cybersecurity

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