News & Analysis as of

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Illinois District Court Enters Final Judgment Against For-Profit College to Resolve CFPB Litigation

On October 28, the U.S. District Court for the Northern District of Illinois filed a default judgment and order against a for-profit college company to resolve litigation with the CFPB. In a September 2014 lawsuit, the CFPB...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Beating a dead horse: CFPB announces default judgment against Corinthian

The CFPB announced that it has obtained a final default judgment against Corinthian Colleges, Inc. from the Illinois federal court in which it sued Corinthian in September 2014. In May 2015, Corinthian filed a petition under...more

CFPB Brings Another Auto Lender Action, This Time for $48M

Why it matters - Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more

CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers

On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies...more

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...more

CFPB Takes Action Against Second Indirect Auto Finance Company in Three Days

On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more

A Treasure Trove: Publication of Complaint Data by the CFPB

The CFPB complaint database was created with altruistic intentions. They envisioned a tool that consumers could use to search a downloadable database for research on a product or specific lender, just as they would research...more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

The Consumer Financial Protection Bureau: What Insurers Should Know

Q: When does the Consumer Financial Protection Bureau (CFPB) have authority over insurance ?companies? The federal legislation commonly known as the Dodd-Frank Wall Street Reform Act, which created the ?CFPB,...more

Can We Really Trust the Banks?

I have written previously on the bias that consumers face from courts and others when they challenge a creditor who is suing them on a debt. The source of this bias, in my opinion, is partially due to the trust that people...more

Counsel’s Corner: Does the CFPB Really Understand Non-Judicial Foreclosures?

What is the CFPB's stake in this issue? - The FDCPA is a very powerful statute. It touches a lot of areas of consumer protection. The CFPB is really just exploring it and flexing its muscles in that area. It's working on...more

CFPB files amicus brief in FDCPA case applying “meaningful attorney involvement” standard to debt collection litigation

The CFPB, jointly with the FTC, has filed an amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm...more

CFPB: “F” is for “Foreclosure,” “FDCPA”

The CFPB has weighed in on whether a trustee foreclosing on a California home qualifies as a “debt collector” under the federal Fair Debt Collection Practices Act. In Ho v. ReconTrust, N.A. (9th Cir. Aug. 7, 2015), the Bureau...more

What’s Next? Recent Actions Highlight CFPB’s Focus on Student Loans

Beginning with a May 2015 field hearing and request for information – and culminating consent order dated July 22, 2015 – recent actions by the Consumer Financial Protection Bureau (CFPB) highlight its increasing focus on...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

CFPB Examination Resource Guide

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

CFPB Settles with Bank and its Two Affiliates for $18.5 Million over Alleged Faulty Student Loan Servicing Practices

On July 22, the CFPB announced that a major bank and its two affiliates agreed to pay $18.5 million to resolve allegations that the entities engaged in inadequate private student loan servicing practices. According to the...more

How to Respond to a CFPB Civil Investigative Demand

The Consumer Financial Protection Bureau (“CFPB”) was created to enforce the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and various consumer finance laws (e.g., Equal Credit Opportunity...more

NCLC recommends debt collection regulations to the CFPB

In a new report entitled “Debt Collection Communications: Protecting Consumers in the Digital Age,” the National Consumer Law Center “specifies the regulations the [CFPB] should adopt regarding when, where, how, and how often...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

CFPB Finalizes Automobile Finance Larger Participant Rule and Publishes Examination Procedures

On June 10, 2015, the Consumer Financial Protection Bureau (CFPB) announced a final rule that will allow it to supervise larger nonbank automobile finance companies. Accompanying the rule, it also published the procedures...more

Locke Lord QuickStudy: CFPB Releases Spring 2015 Regulatory Agenda

On Friday, May 22, 2015, the CFPB released its Spring 2015 Rulemaking Agenda (Agenda), as mandated by the Regulatory Flexibility Act. These biannual agendas generally include details regarding rulemaking activity at the...more

National Mortgage Servicer Pays CFPB and FTC $63 Million to Settle Claims Over Alleged Servicing Violations

On April 21, 2015, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced a joint enforcement action and joint order with a national mortgage servicer. ...more

102 Results
View per page
Page: of 5

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.