News & Analysis as of

Loan Servicer Settlement Enforcement Actions

Hudson Cook, LLP

Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

Hudson Cook, LLP on

After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more

Goodwin

Massachusetts AG Settles with Online Loan Servicer for Alleged Abusive Debt Collection Practices

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On August 12, 2021, the Massachusetts Attorney General (AG) announced ​a settlement ​with an online loan servicer, resolving allegations that the company engaged in abusive debt collection practices in violation of the AG’s...more

Goodwin

FTC Settles with Student Debt Relief Companies for $19 Million

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On September 28, 2018, the Federal Trade Commission (FTC) announced that it had reached a settlement with loan debt relief operators in connection with the coordinated federal-state enforcement initiative to target deceptive...more

Goodwin

DOJ Obtains $907,000 Settlement for Auto Lender’s Repossession of Active Duty Servicemembers’ Vehicles

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On September 18, 2017, the Department of Justice (“DOJ”) announced that it had entered into a $907,000 settlement with an auto loan lender and servicer (“Defendant”). In its co?mplaint,? filed the same day in the United...more

Saul Ewing Arnstein & Lehr LLP

Is the Fed's Settlement with Mortgage Servicers Good for the Market?

On January 7, 2013, the Office of the Comptroller of the Currency (OCC) and the U.S. Federal Reserve Board announced an $8.5 Billion settlement with 10 of the nation's top residential loan servicers ending independent...more

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