News & Analysis as of

CFPB Enforcement by the Numbers

A substantive and statistical analysis of the Consumer Financial Protection Bureau’s 62 publicly available enforcement actions to date reveals preliminary trends and patterns. Established in 2011 in the wake of the...more

CFPB settles with military base retailer and related companies for alleged unlawful debt collection practices

As part of this week’s flurry of enforcement-related announcements, the CFPB announced the settlement of a lawsuit filed jointly with the Attorneys General of North Carolina and Virginia against Freedom Stores, Inc....more

CFPB Takes Action Against Carrier for Charging for Unwanted Services

On December 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a lawsuit against a telecommunications carrier, alleging that the carrier was allowing third-party merchants to place...more

CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

Student Debt Relief Services Slapped with TSR and UDAAP Claims

On December 11, 2014, the CFPB filed two actions against debt relief companies. Complaint for Permanent Injunction and Other Relief, Consumer Fin. Prot. Bureau v. IrvineWebWorks, Inc., No. 8:14-cv-1967 (C.D. Cal. Dec. 11,...more

CFPB announces lawsuits against student loan debt relief companies

On December 11, the CFPB announced lawsuits against two student loan debt relief companies alleged to have deceived borrowers into paying upfront fees for federal student loan repayment benefits that are available for free....more

CFPB issues sixth Semi-Annual Report

The CFPB has issued its sixth Semi-Annual Report to the President and Congress covering the period from April 1 through September 30, 2014. As we have found with previous CFPB semi-annual reports, despite its 188-page...more

CFPB announces consent order relating to alleged debt relief scam

The CFPB has announced that it has entered into a proposed consent order with Premier Consulting Group LLC and a related law firm to settle claims that the defendants charged consumers upfront fees in violation of the...more

Financial Regulatory Developments Focus - November 2014 #4

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Compensation - Consumer Protection - Derivatives - Enforcement - Financial Market...more

CFPB Fines Mortgage Lender for Violating Loan Originator Compensation Rule

On November 13, the CFPB ordered a residential mortgage lender to pay $730,000 for violating the Loan Originator Compensation Rule. According to the complaint filed by the CFPB, from June 2011 to October 2013, the mortgage...more

CFPB Takes Action Against ‘Buy-Here, Pay-Here’ Auto Dealer

The CFPB took its first action against a “buy-here, pay-here” car dealer. The CFPB alleged that the dealer, DriveTime, harmed consumers by making harassing debt collection calls and providing inaccurate credit information...more

Special Alert: CFPB Takes Enforcement Action Against "Buy-Here, Pay-Here" Auto Dealer for Alleged Unfair Collection and Credit...

On November 19, the CFPB announced an enforcement action against a ‘buy-here, pay-here’ auto dealer alleging unfair debt collection practices and the furnishing of inaccurate information about customers to credit reporting...more

Strike Two for Alleged L.O. Comp. Violations

Last week, the Bureau announced a $730,000 settlement with Franklin Loan Corporation (Franklin) based on alleged violations of the loan originator compensation rule in Regulation Z. That rule prohibits mortgage lenders from...more

A Hard Rain Has Started to Fall, A Product-by-Product Review of the CFPB’s First 60 Enforcement Actions

Between July 17, 2012 and October 9, 2014, the Consumer Financial Protection Bureau brought 60 enforcement actions. According to our unofficial tally, they resulted in settlements requiring the payment of $2.2 billion in...more

Beware of Civil Copycat Suits Following Agency Enforcement Actions

Why it matters - Over the years, companies and individuals that have been the subject of enforcement actions by the Federal Trade Commission, state attorneys general, or other agencies have often found themselves on...more

CFPB Takes Action for Deceptive Advertisement of "Free Checking"

Although the CFPB has focused its rulemaking and enforcement actions on mortgage servicing and lending, it recently entered into a consent order with M&T Bank regarding the deceptive advertising of free checking. The...more

Bridging the Week - October 2014 #4

Senior Fed Officials Encourage Financial Industry Firms to Improve Compliance Culture - Enhancing culture was the theme at a workshop on “Reforming Culture and Behavior in the Financial Services Industry” held at the...more

CFPB Takes First Action Enforcing New Mortgage Servicing Rules

In its first action alleging violations of the new mortgage servicing rules, the Consumer Financial Protection Bureau (CFPB) ordered Flagstar Bank to pay a $10 million fine and provide $27.5 million to customers. ...more

CFPB’s Rulemaking Process Gets Good Report Card from OIG Report with Only Minor Criticisms

A September 29, 2014 Report of the Joint Federal Reserve/CFPB Office of the Inspector General (OIG) concluded that the CFPB’s rulemaking process generally complies with the requirements of Section 1100G of the Dodd-Frank...more

CFPB Issues First Enforcement Action for Servicing Rules Violations

The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

Expect Focus - Regulators Are Watching: New Products, New Opportunities, New Risks - Volume III, Summer 2014

In This Issue: - IN THE SPOTLIGHT ..Standard CGL Policy Form Adds Data Breach Coverage Exclusion - LIFE INSURANCE ..Class Claims Against Lincoln National Barred in Section 419 Action – Again ...more

Dodd-Frank’s New Deputies of Federal Consumer Financial Laws—States

In the wake of the Financial Crisis, the federal government has invigorated its civil fraud enforcement. The U.S. Department of Justice has dominated the headlines in this area with a series of significant lawsuits and...more

CFPB and FTC file lawsuits against online payday lenders

Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes....more

Hanna Law Firm Moves to Dismiss CFPB Complaint

Today, the law firm of Fredrick J. Hanna & Associates filed a motion to dismiss the enforcement action brought by the CFPB against it in the U.S. District Court for the Northern District of Georgia....more

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