News & Analysis as of

Fraud Consumer Financial Protection Bureau

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 

The State AG Report Weekly Update

by Cozen O'Connor on

Consumer Financial Protection Bureau- CFPB Files Lawsuit Against Four Online Lenders for Allegedly Collecting on Voided Debts- The Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit against online...more

The State AG Report Weekly Update April 27, 2017

by Cozen O'Connor on

Breaking News - Cozen O’Connor’s State AG Practice Co-Chair Lori Kalani Interviews Massachusetts Attorney General - Cozen O’Connor’s State Attorneys General Practice Co-Chair Lori Kalani recently interviewed...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Times gives us an intriguing long read on Uber’s Travis Kalanick, the controversial CEO whose vision has helped propel the ride-hailing company even as his no-limits approach has led the company into months of crisis....more

Hotel California and Wells Fargo-You Can Check Out, But Can You Leave?

by Thomas Fox on

Today, we celebrate The Eagles most famous song, Hotel California. It all started with a Don Felder cord progression and according to the Financial Times (FT) column The Life of a Song, it had a “fusion of Hispanic melody and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The CFPB has ordered UniRush (purveyor of the RushCard prepaid debit card) and its payment processor, MasterCard, to fork over $13 million in fines after a breakdown last year that blocked thousands of customers from...more

Court Applies Heightened Pleading Standard to CFPB Complaint Alleging Deceptive Practices

by Goodwin on

On November 15, 2016, the Central District of California issued a ruling (subscription required) in CFPB v. Prime Marketing Holdings, LLC dismissing without prejudice four out of five claims on grounds that plaintiff CFPB had...more

CFPB Issues Rigorous New Guidance to Financial Services Industry Regarding Sales Incentives

by Pepper Hamilton LLP on

The compliance burdens being placed on institutions to monitor all aspects of product sales will require a substantial expansion of the types and scope of reporting that are done for product sales. On November 28, the...more

Central District of California Subjects CFPB Telemarketing Sales Rule Claims to Rule 9(b)’s Heightened Pleading Standards

by Ballard Spahr LLP on

In a recent case, the Central District of California held that the CFPB’s claims against a credit repair service under the Telemarketing Sales Rule (“TSR”) must meet Federal Rule of Civil Procedure 9(b)’s heightened pleading...more

CFPB November 2016 complaint report highlights other financial services complaints, complaints from Oklahoma consumers

by Ballard Spahr LLP on

The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders.  The report also...more

CFPB Files Suit Against Structured Settlement Company for Allegedly Defrauding Lead Paint Victims

by Goodwin on

On November 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the U.S. District Court for the District of Maryland against a structured settlement company and certain of the company’s...more

As part of joint initiative with the CFPB, FTC launches updated, mobile-friendly Military Consumer website

by Ballard Spahr LLP on

This week, the FTC announced the launch of a redesigned Military Consumer website as part of its joint initiative with the DoD, CFPB and others. Military.Consumer.gov is a financial readiness website designed to help...more

Lessons from the Wells Fargo Scandal

by Robins Kaplan LLP on

Financial institutions must meet standards for safeguarding customer data given the particularly sensitive information they hold, and regulators have been stepping up their efforts to provide guidance on just how they must do...more

DOJ Criminal Prosecution of Wells Fargo: What to Expect?

by Michael Volkov on

Compliance and enforcement headlines have focused on the Wells Fargo scandal. And for good reason. On September 8, 2016, the Consumer Financial Protection Bureau, the Comptroller of the Currency and the Los Angeles...more

The ILSA Condo Exemption – Not Out of the Woods Yet

by Carlton Fields on

The Interstate Land Sales Full Disclosure Act (ILSA) is a federal statute that aims to prevent land sales fraud and uninformed purchases of unimproved real property by requiring registration of subdivisions with the Consumer...more

After Circling the Wagons: Wells Fargo’s CEO Finally Falls

by Michael Volkov on

The Wells Fargo scandal represents a textbook case of compliance and culture failures. Recently, the scandal and Wells Fargo’s defensive crisis management strategy resulted in CEO Stumpf’s resignation. Stumpf’s demise was...more

What Wells Fargo’s Fraud Scandal Means for Your Junk Debt Buyer Lawsuit

by John Skiba on

Earlier this week the CEO of Wells Fargo retired in the wake of its recent fraudulent account scandal. It was recently disclosed that for years Wells Fargo employees were secretly opening bank accounts, issuing credit cards,...more

House Financial Services Committee Votes To Repeal And Replace Dodd-Frank

by King & Spalding on

On September 13th, the House Financial Services Committee approved the Financial CHOICE Act of 2016 to repeal and replace key parts of the 2010 Dodd-Frank law by a largely partisan vote of 30 to 26. Democrats declined to...more

Your daily dose of financial news - The Brief – 9.28.16

by Robins Kaplan LLP on

It wasn’t exactly a direct reaction to his testimony on the Hill, but Wells Fargo CEO John Stumpf didn’t do himself any favors there, and Wells Fargo’s Board has announced that it will claw back an estimated $41 million in...more

Who is Responsible for a Company’s Mood in the Middle? – the Wells Fargo Fiasco

by Michael Volkov on

Wells Fargo’s cultural tone is not easily segregated between “top,” “middle” and “bottom.” Despite the recent cross-selling scandal, in which the CFPB led an enforcement action whose fines total a whopping $185 million,...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

Payment Processor Hit With CFPB Action

A payment processor and two executives were the subject of a new Consumer Financial Protection Bureau (CFPB) action, with the Bureau charging that the defendants enabled their clients to make unauthorized withdrawals from...more

CFPB Fires Another Warning Shot for Processors to Be Aware of Their Merchants’ Activities

In a recent line of enforcement actions, the Consumer Financial Protection Bureau (CFPB) has signaled that it will hold payment processors liable if the CFPB believes the processors know or should have known that transactions...more

CFPB Files Lawsuit Against Payment Processor Over Alleged Unauthorized Withdrawals from Consumer Accounts

by Goodwin on

On June 6, 2016, the Consumer Financial Protection Bureau (CFPB) announced it filed a lawsuit against a third-party payment processor and two of the company’s executives over allegations the company permitted unauthorized...more

CFPB Sues Payment Processor for Facilitating Fraudulent Transactions

by McGuireWoods LLP on

The CFPB sued payment processor Intercept Corporation, its owner, and its CEO on June 6, 2016, for allegedly enabling unauthorized withdrawals and other illegal activities of Intercept’s clients. The complaint, filed in...more

Your daily dose of financial news: The Brief – 6.2.16

by Robins Kaplan LLP on

Everything’s coming up Saudi these days, as Uber revealed this week that it turned to the Middle East for a $3.5 billion cash infusion from Saudi Arabia’s Public Investment Fund—the kingdom’s “main investment fund”—as part of...more

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Cybersecurity

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