Enforcement Actions Consumer Financial Protection Bureau

News & Analysis as of

CFPB Consumer Advisory Board to meet March 2

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held on March 2, 2017. The notice indicates that the Board will discuss the consumer credit information...more

CFPB Takes First MSA-Related Action in Nearly Two Years; Orders Mortgage Lender to Pay $3.5M Civil Penalty for Kickbacks

On January 31, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it ordered a California-based mortgage lender to pay $3.5 million in civil penalties for an illegal mortgage kickback scheme. According to...more

CFPB and New York Attorney General File Suit Against Settlement Company For Allegedly Defrauding 9/11 Responders and NFL Players...

On February 7, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) jointly announced they filed suit in the U.S. District Court for the Southern District of New York against a settlement...more

CFPB/NY AG lawsuit against RD Legal Funding may signal greater scrutiny of non-loan financial products such as merchant cash...

The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more

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

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

CFPB and Virginia AG settle claims against pawnbroker for alleged TILA/CFPA/VA law violations

The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with  Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia...more

"The Uncertain Future of the Consumer Financial Protection Bureau"

Since its inception in July 2011, the Consumer Financial Protection Bureau (CFPB) has sought to prove itself as a powerful regulator through significant enforcement actions and settlements. In 2016, the CFPB continued to...more

CFPB Files Suit Against Debt Relief Attorneys

On January 30, 2017, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Central District of California against several debt relief law firms and individual attorneys...more

Community banks trade group asks Trump Administration to curb fair lending enforcement

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

CFPB files complaint alleging defendants ran unlawful debt relief operation

The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more

CFPB Issues Consent Order Against Equifax and Transunion for Deceptive Practices

On January 3, 2017, the Consumer Financial Protection Bureau (CFPB) entered into consent orders with credit reporting agencies Equifax and TransUnion, requiring that they pay a total of over $17.6 million in restitution to...more

The CFPB’s Action Against the Country’s Largest Student Loan Servicer, Navient: Four Things You Need to Know Right Now

In recent posts, this blog discussed how the Consumer Financial Protection Bureau (CFPB) has tightened control over financial institutions, including an overhaul of the regulatory landscape for debt collection and banks. The...more

CFPB Sues Bank Over Overdraft Sales Pitch

The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP...more

Republican members of House Financial Services Committee release new report on CFPB’s auto finance actions

Republican members of the House Financial Services Committee recently released a report, prepared by the Republican Staff of the Committee, titled “Unsafe at Any Bureaucracy, Part III: The CFPB’s Vitiated Legal Case Against...more

CFPB representatives to be featured at 22nd Annual PLI Consumer Financial Services Institute

The 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on March 27-28, 2017 in New York City (and by live webcast and groupcast in Atlanta; Philadelphia, Pittsburgh,...more

CFPB Settles RESPA Claims with Mortgage Servicer for $20 Million

On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving allegations that the servicer violated the Real Estate Settlement Procedures...more

CFPB Secures $8.8 Million Consent Order Against Mortgage Servicer

On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving alleged violations of the Real Estate Settlement Procedures Act (RESPA), the...more

Director Cordray’s Wall Street Journal interview today

Here are the highlights from Richard Cordray’s interview earlier today with the Wall Street Journal. He refused to respond to the question of whether or not the memo issued on January 20 on behalf of President Trump by...more

CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

The Last of Obama-Era CFPB Enforcement?

Making the most of its enforcement powers before the new administration takes over, and likely concerned that its days as a stand-alone bureau may be coming to an end, the Consumer Financial Protection Bureau (CFPB) took...more

How Does The CFPB Actually Litigate?

At the risk of kicking the CFPB while it’s down, a question worth asking is: how does it actually litigate once a “covered person”[1] decides to resist? Setting aside the noteworthy PHH case, the vast majority of enforcement...more

CFPB Continues Its Focus on Medical Debt

Last week, the Consumer Financial Protection Bureau (CFPB) announced a consent order with two debt collection law firms specializing in medical debt. This action is similar to prior CFPB enforcement actions taken against debt...more

Federal Court Certifies to the Ninth Circuit the CFPB’s Challenge to Alleged “Rent-a-Tribe” Scheme

On January 3, 2017, the U.S. District Court for the Central District of California certified for appellate review its August 31, 2016 Order finding that a California-based payday lending company used a “rent-a-tribe” scheme...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

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