News & Analysis as of

For-Profit Colleges and the Student Loan Industry Should Take Note of CFPB's Recent Enforcement Action

In a recently filed lawsuit, the Consumer Financial Protection Bureau (CFPB) has demonstrated its willingness to assert its authority over both the student loan industry and for-profit colleges. The defendant in that lawsuit,...more

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

CFPB Files Complaint Against Private Student Loan Lender

The CFPB announced that it had filed a complaint against a nationwide for-profit college’s student lending program for unfair and abusive practices. According to the CFPB, the college’s lending program extended in short-term...more

CFPB Takes Enforcement Action Against Mortgage Lender for Alleged RESPA Violations

The CFPB announced it has entered into a consent order with a mortgage lender, engaged primarily in loss-mitigation refinancing, for violations of Section 8 of the Real Estate Settlement Procedures Act. Section 8 of RESPA...more

Credit reporting remains a CFPB top priority

Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority. As demonstrated by the CFPB’s actions last week, credit reporting continues to be a high CFPB priority and is...more

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

Venable CFPB Update: (Another) RESPA Enforcement and How to Self-Report

A Connecticut mortgage lender has agreed to pay an $83,000 civil money penalty for violating the Real Estate Settlement Procedures Act (RESPA). The lender focuses its business primarily on loss mitigation financing to...more

Financial Services Bulletin: Action At The Consumer Financial Protection Bureau

Consumer Financial Protection Bureau Proposes Rule to Oversee Larger Nonbank International Money Transfer Providers - On Thursday, January 23, 2014, the Consumer Financial Protection Bureau (the "CFPB") proposed a rule...more

Automobile Dealer Trade Group Issues Guidance In Response to Recent CFPB Enforcement Action

In response to a recent joint enforcement action by the CFPB and Department of Justice alleging violations of the Equal Opportunity Credit Act, and its implementing regulation, Regulation B, the National Automobile Dealers...more

The CFPB Targets Mortgage Reinsurance Yet Again

The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’). The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights...more

CFPB Suit Against Debt Settlement Firm Will Proceed

On January 10, a federal judge denied a debt settlement company’s motion to dismiss a CFPB enforcement action pending in the Central District of California, in which the company challenged the constitutionality of the CFPB’s...more

CFPB Takes Enforcement Action for Violations of RESPA’s Kickback Provisions

The CFPB announced it had entered into a consent order with a mortgage lender for violations of Section 8 of the Real Estate Settlement Procedures Act. Section 8 generally prohibits receiving kickbacks, fees, or anything of...more

CFPB Takes Action Against Small Lender, President For RESPA Violations

On January 16, in the CFPB’s first settlement of 2014, the agency ordered a non-depository mortgage lender and its former owner to pay $81,076 for violating section 8 of the Real Estate Settlement Procedures Act (RESPA). The...more

CFPB Sues CashCall for Debt Collection on Online Payday Loans

The Consumer Financial Protection Bureau (CFPB) last week sued CashCall for collecting debts originated by an online payday lender affiliated with an Indian tribe. Notably, the suit alleges a violation of federal law based on...more

CA federal court rejects challenge to CFPB’s constitutionality

The California federal district court hearing the CFPB’s enforcement action against Morgan Drexen has rejected Morgan Drexen’s challenge to the CFPB’s constitutionality. Although similar challenges have been made in other...more

CFPB Director Discusses Enforcement Against Individuals

On January 8, in a Daily Show interview, CFPB Director Richard Cordray discussed with host Jon Stewart some of the Bureau’s efforts to date, including implementation of the CFPB’s mortgage rules and the Bureau’s credit card...more

CFPB and DOJ Take Enforcement Action Against Bank Alleging Violations of ECOA

The CFPB and DOJ announced that the filing of a joint complaint in the United States District Court for the Western District of Pennsylvania against a bank as successor in interest to a mortgage lender for violations of the...more

CFPB Report Targets Arbitration Clauses

The Consumer Financial Protection Bureau (the “CFPB”) is a new federal agency responsible for regulating consumer financial products and services. On December 12, 2013, the CFPB released a report on the use of arbitration...more

CFPB 2014 Regulatory Outlook: Nonbanks

In this presentation: •Welcome •A look back at 2013 •Enforcement Actions: - Who’s at risk and what to expect •Nonbank Supervision and Examination: - Lessons learned and which markets are...more

CFPB Continues Add-On Products Crackdown

On December 23, the CFPB announced a coordinated enforcement action taken by federal regulators against a major credit card company and certain subsidiaries alleged to have violated multiple consumer protection laws with...more

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more

CFPB Takes Enforcement Action For Alleged Violations of ECOA

Resulting from an examination and subsequent joint investigation with the Department of Justice, the CFPB took enforcement action against a bank and bank holding company alleging violations of the Equal Credit Opportunity Act...more

CFPB and State Regulators Take Enforcement Action for Alleged UDAAP Violations

The CFPB announced an enforcement action against a nonbank mortgage lender and its mortgage servicer alleging the companies engaged in unfair, deceptive and abusive acts or practices in violation of the Consumer Financial...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

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