We anticipate that the Consumer Financial Protection Bureau (CFPB) will continue to closely monitor the advertising practices of auto lenders and servicers as well as the practices around add-on products....more
On January 30, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an international remittance company regarding the company’s use of deceptive advertising for fee...more
2/7/2025
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Disclosure Requirements ,
EFTA ,
Enforcement Actions ,
False Advertising ,
Fees ,
Fraud ,
Unfair or Deceptive Trade Practices
In late 2024, the Massachusetts Division of Banks (the “Division”) announced consent orders with four auto finance companies resolving allegations of improper repossession of motor vehicles....more
On December 9, 2024, the Federal Trade Commission (FTC) announced it received a temporary restraining order against a student loan servicer over allegations the servicer and its operator misled consumers into thinking...more
12/9/2024
/ Advertising ,
Consumer Protection Laws ,
Debt Relief ,
Enforcement Actions ,
False Advertising ,
Federal Trade Commission (FTC) ,
Loan Forgiveness ,
Loan Servicer ,
Student Loans ,
Telemarketing ,
TRO
On Tuesday, November 26, the Minnesota Attorney General’s office (AG) announced it filed a consent order to resolve allegations that online lenders were charging interest on loans in excess of the amounts prescribed under...more
On September 11, the CFPB announced that it had entered into a consent order with a national bank resolving allegations that the bank reported inaccurate information to consumer reporting companies. The bank agreed to pay...more
On September 12, 2024, the CFPB announced that it entered into a stipulated proposed order with a large student loan servicer resolving allegations that the servicer forced borrowers into costly repayment options. Under the...more
9/23/2024
/ Cease and Desist Orders ,
Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Loans ,
Loan Servicer ,
Loan Servicing ,
Redress Payments ,
Student Loans
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has entered into consent orders with two companies totaling $16.5 million in civil penalties and consumer redress,...more
7/1/2024
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Mortgage Servicers ,
Mortgages ,
Redress Payments ,
RESPA ,
Reverse Mortgages
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it has filed a proposed order that would require a Florida-based nonbank mortgage loan originator to pay a $3.95 million penalty for allegedly...more
On May 22, 2024, the Massachusetts Attorney General (MA AG) announced it entered into an Assurance of Discontinuance (AOD) with a California-based financing company resolving allegations of violations of the Massachusetts...more
On May 17, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with an Arkansas bank and nine of its employees, resolving allegations that the bank and the employees violated Section 5 of the...more
5/28/2024
/ Banks ,
Civil Monetary Penalty ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Financial Services Industry ,
FTC Act ,
HMDA ,
Misrepresentation ,
Mortgages ,
RESPA ,
Section 5 ,
Settlement ,
Veterans Administration
On May 20, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based telemarketer that offered student loan debt relief services resolving...more
On January 2, 2024, the Federal Trade Commission (FTC) announced it had reached a settlement with a California-based lead generator resolving allegations that the company facilitated illegal telemarketing calls. This lead...more