The future of the Consumer Financial Protection Bureau — and federal enforcement of consumer financial laws more generally — is uncertain. The Trump administration has ordered the CFPB to freeze all enforcement activity,...more
2/19/2025
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Financial Regulatory Reform ,
Regulatory Authority ,
SCOTUS ,
State Attorneys General ,
Trump Administration ,
UDAAP ,
Unfair or Deceptive Trade Practices
On October 23, 2024, the CFPB filed two separate consent orders, one against the Tech Company and the other against the Bank, alleging violations of the Consumer Financial Protection Act (CFPA) and the Truth in Lending Act...more
On August 21, 2024, the CFPB issued a Consent Order against the Company citing alleged failure to provide accurate information about loss mitigation options and improper handling of loan modifications. The Consent Order...more
8/26/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Homeowners Protection Act ,
Loan Modifications ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
RESPA ,
Truth in Lending Act (TILA)
On May 20, 2024, the CFPB announced a settlement with a telemarketing company that offers student loan debt relief services to resolve allegations that it violated the Telemarketing Sales Rule ("TSR") and the Consumer...more
On April 16, 2024, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a rule to update its procedures for designating nonbank covered persons for supervision. Section 1024(a)(1)(C) of the Consumer Financial...more
On February 23, the Consumer Financial Protection Bureau announced its first decision designating a nonbank lender for supervision based on potential risk to consumers. As the CFPB emphasized in its press release, however,...more
On December 19, 2023, the CFPB issued an administrative consent order alleging that a Minneapolis-based National Bank inappropriately froze the accounts of "tens of thousands" of recipients of unemployment benefits via...more
Without admitting any wrongdoing, a Wisconsin-area auto dealer group settled a lawsuit brought by the FTC alleging it violated the Federal Trade Commission Act and Equal Credit Opportunity Act by charging American Indian...more
The Consumer Financial Protection Bureau filed a lawsuit against a lease-to-own-finance company and several related companies (collectively, the "Company"), alleging that the Company violated various federal consumer...more
On June 27, 2023, the CFPB filed an administrative consent order against a payment processor headquartered in Elkhorn, Nebraska. The order alleges that on a single date in 2021, the processor erroneously initiated about 1.4...more
On December 20, 2022, the CFPB filed an administrative consent order against a National Bank headquartered in Sioux Falls, South Dakota. In the order, the CFPB detailed three ways that the Bank allegedly violated the Consumer...more
HIGHLIGHTS: The lawsuit alleges that the lender charged more than the allowed 36% rate cap under the Military Lending Act on loans to servicemembers and their dependents, through interest rates and monthly membership fees....more
HIGHLIGHTS: The bank must pay a $37.5 million civil penalty to the CFPB. The bank neither admitted nor denied the allegations but must forfeit unlawfully charged fees and costs to consumers and develop a remediation plan for...more
HIGHLIGHTS: The CFPB announced that it is filing a lawsuit against a payday lender for allegedly concealing free repayment plans and making unauthorized debit-card withdrawals. With its allegations of unfair, deceptive, and...more
Since October 2021, when Rohit Chopra took over as Director, the Consumer Financial Protection Bureau ("CFPB") has taken a number of steps to assert its leadership role in the patchwork of regulatory jurisdiction and...more
The CFPB announced an $11 million resolution of Telemarketing Sales Rule and Consumer Financial Protection Act claims against debt-relief payment processors and two individuals for allegedly collecting improper fees from...more
Highlights: One of the nation's largest banks agreed to entry of a consent order to settle CFPB allegations that the bank unlawfully froze customer accounts, charged them garnishment fees, and turned over funds to creditors...more
CFPB filed a proposed stipulated final judgment to resolve allegations against affiliated debt relief companies and their top executive concerning alleged wrongful fee-charging practices and deceptive telemarketing in...more
Nonbank lenders, fintech firms, and smaller entities that do not meet the CFPB's threshold of a "larger participant" in defined areas have avoided CFPB supervision, but that is changing. On Monday, the CFPB issued a press...more
HIGHLIGHTS: CFPB announced that it is filing a lawsuit today against a nationwide credit reporting agency, two related companies, and a top executive for violating a January 2017 consent order with the CFPB. ...more
HIGHLIGHTS: The Federal Trade Commission (FTC), jointly with Illinois, announced a $10 million resolution of allegations that a multistate auto dealership group and General Manager violated the FTC Act, Equal Credit...more
HIGHLIGHTS: CFPB announced a $1 million resolution, via administrative consent order, of allegations that a small servicing company made deceptive statements to student loan borrowers relating to their forgiveness and...more
Last week, the Consumer Financial Protection Bureau (CFPB) announced that it will examine colleges' in-house lending practices. According to the press release, the CFPB decided to examine institutional lenders because of the...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider.
With July 21, 2021 marking...more
This week, we learned that President-elect Biden intends to nominate FTC Commissioner Rohit Chopra to serve as the Director of the Consumer Financial Protection Bureau. Chopra is a smart, articulate, and strong consumer...more