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Creditors Consent Order

Cozen O'Connor

CFPB Fines Bank of America $10 Million Over Alleged Misconduct Regarding Out-of-State Account Garnishments

Cozen O'Connor on

The CFPB and Bank of America have reached a settlement to resolve allegations that Bank of America—the nation’s second largest retail bank—illegally processed out-of-state garnishment orders and misled consumers regarding...more

Hudson Cook, LLP

Voluntary Protection Products: A Matter of "Interest" for State and Federal Regulators

Hudson Cook, LLP on

Voluntary protection products like credit insurance, debt protection, GAP, service contracts and motor clubs, have gained increased attention by state and federal regulators overseeing the consumer finance industry....more

Bradley Arant Boult Cummings LLP

Creditors and Debt Collectors Should Pay Close Attention to the CFPB’s Consent Order with Navy Federal Credit Union

The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more

Dorsey & Whitney LLP

Why Does the CFPB Want to Curb Auto Lenders’ Discretion to Charge Higher or Lower Interest Rates?

Dorsey & Whitney LLP on

On July 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) and Department of Justice (“DOJ”) announced they had reached a “groundbreaking settlement” with American Honda Finance Corporation (“Honda”).(1) The...more

Ballard Spahr LLP

CFPB announces settlement with processors of military allotments

Ballard Spahr LLP on

The CFPB has announced a settlement with two companies that processed military allotments and were alleged to have charged fees to servicemembers that the companies failed to adequately disclose. The consent order requires...more

Troutman Pepper

Sale Proceeds: Better Get the Carve-Out Right the First Time

Troutman Pepper on

In re Stacy’s, Inc., 508 B.R. 370 (Bankr. D. S.C. 2014) – A debtor sold substantially all of its assets after negotiating with its primary secured creditor for carve-outs from the sale proceeds for administrative...more

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