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2024 Year in Review: Auto Loan Origination and Servicing

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

CFPB Orders Money Exchange Company to Pay $2.5 Million Over Remittance Practices

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

Massachusetts Division of Banks Issues Consent Orders Over Vehicle Repossession 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

FTC Receives Temporary Restraining Order Against Student Loan Servicer

​​​​​​​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

Minnesota AG Enters into Consent Order Over High-Cost Online Lenders, Discharging Over $1 Million in Loans

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

CFPB Enters into $28 Million Consent Order Resolving Allegations of Consumer Credit Misreporting

​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

CFPB Permanently Bans Large Student Loan Servicer from Market and Orders Redress of $120 Million

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

CFPB Enters into Consent Orders with Reverse Mortgage Servicers for $16.5 Million

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

CFPB Settles with Nonbank Mortgage Originator for $4 Million

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

Massachusetts Attorney General Settles Claims Against California-Based Financing Company for $625,000

​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

FDIC Announces $1.5 Million Settlement with Arkansas-Based Bank and Employees

​​​​​​​​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

CFPB Enters Consent Order Over Student Loan Debt Relief Services

​​​​​​​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

FTC Enters Settlement with California-based Lead Generator

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

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