News & Analysis as of

CFPB Issues First Enforcement Action for Servicing Rules Violations

The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

Dodd-Frank’s New Deputies of Federal Consumer Financial Laws—States

In the wake of the Financial Crisis, the federal government has invigorated its civil fraud enforcement. The U.S. Department of Justice has dominated the headlines in this area with a series of significant lawsuits and...more

Cybersecurity Litigation Monthly Newsletter

As we discussed in July, Tiversa, a “cyber-intelligence” company, notified the FTC in 2009 that a file containing the personal information of about 9,300 LabMD patients was available on a peer-to-peer file sharing network....more

DOJ, CFPB Fair Lending Enforcement Actions Target Credit Card Repayment Programs, Marketing Of Add-On Products

On June 19, the CFPB and the DOJ announced parallel enforcement actions against a federal savings bank that allegedly violated ECOA in the offering of credit card debt-repayment programs and allegedly engaged in deceptive...more

CFPB & DOJ Consent Orders with Former GE Capital Retail Bank: Something Old and Something New

Yesterday, the CFPB announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “Add-On Matter” targets alleged deceptive...more

Federal Trade Commission Extends In re Polygram’s “Inherently Suspect” Anticompetitive Analysis to Endorsements

The Federal Trade Commission’s (“FTC”) recent settlement with ski manufacturers Marker Volkl (International) GmbH (“Marker Volkl”) and Tecnica S.p.A. (“Tecnica”) continues to expand the scope of “inherently suspect” business...more

FTC Ordered to Testify Regarding Data Security Standards in LabMD Dispute

The Federal Trade Commission (FTC) has suffered a significant setback in its ongoing dispute with LabMD, a now-closed medical laboratory that the FTC charged with failing to adopt reasonable data security practices that...more

FTC v. Jerk.com: Did the FTC’s “Jerk.com” Complaint Just Turn API Terms into Federal Law?

The Federal Trade Commission’s announcement earlier this week that it had filed a complaint against Jerk, LLC and its websites like “jerk.com” (“Jerk”) looks at first glance like a run-of-the-mill FTC Section 5 enforcement...more

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

CFPB Takes Enforcement Action Against Payday Lender

The CFPB announced its first public enforcement action against a payday lender—a consent order alleging, among other things, unfair and deceptive acts or practices in connection with affidavits. According to the consent...more

D.C. federal court dismisses Morgan Drexen lawsuit against CFPB

A Washington, D.C. federal district court has dismissed the lawsuit filed by Morgan Drexen against the CFPB that alleged the Bureau’s structure was unconstitutional because it violated the Constitution’s separation of powers....more

Debt Collection Subject to New Regulation Under CFPB

The Consumer Financial Protection Bureau (CFPB) is on a roll targeting debt collectors and your company could be the next target. On October 3rd, the CFPB filed an enforcement action asking for a $1.376 million civil penalty...more

CFPB Demonstrates its Broad Scope

While it has only just begun its third year, the CFPB has already left its mark with a series of recent enforcement actions. Below are four examples of how the CFPB has wielded the broad scope of its mandate....more

Privacy: The FTC Takes Action And Warns Private Industry

If you had asked me ten years ago whether privacy would become the focus of government enforcement actions, I would have brushed aside the issue with a cavalier – “No Way!!” In the aftermath of 9/11, there was always a focus...more

How to Avoid Enforcement Actions for Unfair or Deceptive Acts and Practices

‘‘Happy, Happy, Happy’’ is the phrase used by that towering philosopher Phil Robertson, from the TV show Duck Dynasty. You can be sure no bankers utter that phrase whenever a regulatory agency first breathes a word about...more

Special Alert: CFPB Enforcement Action Targets Marketing Of Auto Loans, Add-On Products To Servicemembers

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced enforcement actions against a national bank and its service provider related to alleged deceptive marketing of auto loans and add-on products to active-duty...more

FDIC Announces Enforcement Action Against Debit Card Issuer, Affiliated Service Provider

On May 31, the FDIC announced enforcement actions against a California bank and an affiliated service provider for alleged unfair and deceptive practices in the marketing and servicing of a prepaid reloadable MasterCard. ...more

2012 Bank Enforcement Actions Still High, But Significantly Lower Than 2010-11

Originally published in BNA’s Banking Report, 100 BBR 617 on 04/02/2013. Overall Trends & Outlook - In 2012, the federal banking agencies, including the Federal Deposit Insurance Corporation (‘‘FDIC’’), Office...more

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