News & Analysis as of

CFPB Enforcement Update

This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more

Dodd-Frank News: January 2016: 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 Warns About "Heightened Risk" of In-Person Debt Collections, Settles Case Against Lender for $10.5 Million

Why it matters - In conjunction with the announcement of a $10.5 million agreement with a lender that allegedly engaged in illegal debt collection practices, the Consumer Financial Protection Bureau (CFPB) issued a...more

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

Recent Case Law Hints at Possible Additional Defenses for Auto Finance Companies Hit With Debt Collection Lawsuits

According to the Consumer Financial Protection Bureau (CFPB), debt collection is the leading source of consumer complaints. Many debt collection statutes, including the Fair Debt Collection Practices Act (FDCPA), provide for...more

Operation Collection Protection Targets Abusive and Deceptive Debt Collectors

Late last year, the Federal Trade Commission (FTC) revealed an ongoing nationwide enforcement initiative targeting debt collectors, called Operation Protection Collection. The initiative is the first of its kind coordinated...more

FTC Announces ''Operation Collection Protection'' Developments

The Federal Trade Commission (FTC) has announced new developments in ''Operation Collection Protection,'' its new coordinated federal-state enforcement initiative targeting unlawful debt collection practices. The U.S....more

CFPB Announces Proposed Consent Order with Debt Collection Law Firm

On December 28, the CFPB filed a proposed consent order to resolve allegations that a Georgia-based law firm operated a debt-collection lawsuit mill by collecting millions of dollars from consumers who may not have owed the...more

CFPB Continues to Focus on Reforming Consumer Collection Practices

The CFPB has authority to enforce violations of the Consumer Financial Protection Act’s prohibition on unfair, deceptive, and/or abusive practices (UDAAP). UDAAP violations have figured prominently in multiple enforcement...more

CFPB Enters Into Stipulated Consent Order to Resolve Enforcement Action Against Debt Collection Law Firm

On December 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it filed a proposed consent order in federal court in the Northern District of Georgia that, if approved by the court, will resolve a...more

CFPB files amicus brief in Seventh Circuit FDCPA case

The CFPB, together with the FTC, has filed an amicus brief in Franklin v. Parking Revenue Recovery Services, Inc., an FDCPA case pending in the Seventh Circuit. The CFPB joined the brief at the request of the FTC, which had...more

CFPB Announces Complaint and Proposed Consent Order Against Massachusetts Debt Collection Firm

On December 7, the CFPB announced the filing of a complaint and a proposed consent order against a Massachusetts-based debt collection firm for alleged violations of the Fair Debt Collection Practices Act (FDCPA), the Fair...more

CFPB Announces Complaint and Proposed Consent Order Against Massachusetts Debt Collection Firm

On December 7, the CFPB announced the filing of a complaint and a proposed consent order against a Massachusetts-based debt collection firm for alleged violations of the Fair Debt Collection Practices Act (FDCPA), the Fair...more

Debt Collectors Beware: FTC Takes Broad Reading of Activities Subject to FDCPA and Section 5

This week, the Federal Trade Commission (FTC) warned companies that they may not realize they are subject to the Fair Debt Collection Practices Act (FDCPA). Christopher Koegel, Assistant Director of the FTC Division of...more

CFPB Keeps the Heat on Debt Collection, Consumer Reporting

On December 7, 2015, the CFPB announced another consent order going after a firm for alleged violations the Consumer Financial Protection Act, FCRA, and FDCPA. The CFPB alleges that Massachusetts debt collection firm...more

CFPB Takes Action Against Debt Collection Firm Collecto, Inc. d/b/a EOS CCA

On December 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against debt collection firm Collecto, Inc. d/b/a EOS CCA (EOS) for allegedly violating the Fair Debt Collection Practices...more

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

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