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Enforcement Enforcement Actions Consumer Financial Protection Bureau (CFPB)

Latham & Watkins LLP

CFPB Creates Corporate Nonbank Enforcement Registry

Latham & Watkins LLP on

The centralized repository would assist the CFPB and law enforcement in detecting patterns of misbehavior and recidivism adversely affecting consumers. On June 3, 2024, the Consumer Financial Protection Bureau (CFPB)...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

ArentFox Schiff

Damages Under Dodd-Frank: Federal Court Awards CFPB $59 Million in Unprecedented Penalties and Restitution Analysis

ArentFox Schiff on

So much to say, so little time. Historically groundbreaking, a federal court in Madison, Wisconsin engaged in the most robust, methodical damages analysis under the Consumer Financial Protection Act, found in Title X of the...more

Foley & Lardner LLP

RESPA and UDAAP Enforcement Following The PHH Decision: What To Expect

Foley & Lardner LLP on

As anyone who is associated with the residential real estate settlement services industry can appreciate, resolution of the PHH case by the full bench of the D.C. Circuit Court of Appeals has brought much-needed clarity and...more

Clark Hill PLC

Change in CFPB Structure Will Not Impact Fair Lending Enforcement; Compliance Does Not Take a Holiday

Clark Hill PLC on

Acting Director Mick Mulvaney’s decision to transition the Office of Fair Lending and Equal Opportunity (“OFLEO”) out of the Office of Supervision, Enforcement and Fair Lending (“SEFL”) does not eliminate or diminish the...more

Manatt, Phelps & Phillips, LLP

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

MoFo Reenforcement

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

MoFo Reenforcement on

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

Morgan Lewis

CFPB Issues First Appellate Ruling

Morgan Lewis on

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

MoFo Reenforcement

CFPB Enforcement Actions Take on LO Comp and Fair Lending

MoFo Reenforcement on

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

Davis Wright Tremaine LLP

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

Nexsen Pruet, PLLC

Corinthian Colleges: Part Two - the "Perfect Storm" - Blog: Consumer Financial Protection Bureau

Nexsen Pruet, PLLC on

Corinthian Colleges (“Corinthian”) announced this past Sunday, April 26 that Corinthian was ceasing operations at its remaining physical campuses. This April 26 announcement specifically refers to the remaining 30 or so...more

Holland & Knight LLP

Consumer Protection Agencies Agree to Coordinate Investigation Strategy - FTC and CFPB Reauthorize Memorandum of Understanding

Holland & Knight LLP on

On March 12, 2015, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB), the two agencies in charge of the federal government's consumer protection mission, reauthorized their Memorandum of...more

Manatt, Phelps & Phillips, LLP

CFPB Leaders Discuss Bureau’s Approach To Enforcement

Why it matters: In recent weeks, both Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Deputy Director Steven Antonakes have provided insight about the Bureau’s operations. Antonakes discussed the...more

Williams Mullen

State AGs and Regulators Step Up UDAAP Enforcement

Williams Mullen on

Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more

Morrison & Foerster LLP

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

Baker Donelson

CFPB Takes Action for Deceptive Advertisement of "Free Checking"

Baker Donelson on

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

Ballard Spahr LLP

CFPB enforcement head underscores CFPB’s limited use of “abusive ” prong of UDAAP

Ballard Spahr LLP on

Tony Alexis, the head of enforcement at the CFPB, spoke today in Chicago at a program sponsored by the Committee on Consumer Financial Services at the American Bar Association Section of Business Law’s Annual Meeting. The...more

Goodwin

Managing Vendors In An Era Of Increased CFPB Scrutiny

Goodwin on

For financial institutions, having compliance management systems that mitigate in-house risk is not sufficient to meet regulatory expectations. With more work now outsourced to third party vendors, financial institutions are...more

Manatt, Phelps & Phillips, LLP

Payday Lender Settles With CFPB For $10 Million

Texas-based ACE Cash Express will pay a total of $10 million to settle an enforcement action brought by the Consumer Financial Protection Bureau (CFPB), predicated upon a finding by the CFPB that ACE had engaged in unfair,...more

Ballard Spahr LLP

GAO issues report on CFPB civil penalty fund

Ballard Spahr LLP on

The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial...more

Ballard Spahr LLP

“Operation Mis-Modification” Targets Foreclosure Relief Companies

Ballard Spahr LLP on

The CFPB continues to ramp up its enforcement actions and its collaboration with state AG offices as part of the new “Operation Mis-Modification.” The CFPB, the FTC and fifteen states announced a series of lawsuits...more

Carlton Fields

The High Costs and Consequences of a CFPB CID

Carlton Fields on

Dodd-Frank gives the Consumer Financial Protection Bureau (CFPB) the power to enforce and implement federal consumer financial protection laws, including home mortgage and other consumer credit regulations, plus powerful...more

Foley & Lardner LLP

CFPB Expands Its Enforcement Efforts Against Payday Lending

Foley & Lardner LLP on

In November, 2013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

Morrison & Foerster LLP

The CFPB's Most Recent Consent Order: Defining "Abusive" Acts and Practices Through Enforcement

Last week, the CFPB announced a settlement with payday lender ACE Cash Express of an enforcement action for alleged unfair, deceptive, and abusive practices (UDAAP). The Consent Order reflects the CFPB’s continued focus on...more

Brownstein Hyatt Farber Schreck

Watch Out: Your Competitors Can Now Make You the Target of a CFPB Investigation

Throughout its short history, the Consumer Financial Protection Bureau (“CFPB”) has asserted jurisdiction over various nontraditional consumer-related financial industries, from law firms to collection agencies and automobile...more

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