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Financial Services Weekly News - November 2017 #2

Editor's Note - Change at the Fed. As expected, on November 2, President Trump nominated Jerome H. Powell to be Chairman of the Board of Governors of the Federal Reserve System (FRB) for a term of four years beginning...more

FTC Obtains $6.8 Million Judgment Against Two Individuals in “Free” Credit Report Scheme

?On October 30, the Federal Trade Commission (FTC) announced that it had obtained a stipulated order for a permanent injunction and monetary judgment against two individuals for allegedly using fake rental property ads to...more

Pennsylvania AG Files Suit Against Nationwide Student Loan Provider and Servicer

?On October 5, 2017, the Pennsylvania Attorney General’s Office (AG) announced that it had filed suit against a federal student loan provider and servicer (and its subsidiary) in the U.S. District Court for the Middle...more

District Court Rejects Servicer’s Argument that CFPB is Unconstitutional

?On August 4, 2017, the United States District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion to dismiss claims brought against it by the Consumer Financial Protection Bureau (CFPB),...more

National Lender Settles False Claims Act Allegations with DOJ for Over $74 Million

?On August 8, 2017, the Department of Justice (DOJ) announced that a national lender agreed to settle allegations that it violated the False Claims Act. The settlement resolves allegations that the lender originated and...more

HUD Resolves Allegations of Discrimination Against California Lenders

?On April 19, the U.S. Department of Housing and Urban Development (HUD) announced that it had entered an agreement with a group of California mortgage lenders to resolve allegations that they discriminated against a mortgage...more

CFPB Files Complaint Against Ohio Debt Collection Law Firm Over Misrepresentations

?On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging...more

Federal Banking Regulators Assess $65 Million Penalty Against Default Management Company

On January 24, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, and the Office of the Comptroller of the Currency announced a $65 million fine assessed against a default management...more

FTC and Florida AG Ban Student Loan Debt Relief Providers

On January 24, the Federal Trade Commission (FTC) and the Florida Attorney General’s Office announced a settlement with student loan debt relief providers alleged to have participated in a student loan debt relief scheme,...more

CFPB Settles RESPA Claims with Mortgage Servicer for $20 Million

On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving allegations that the servicer violated the Real Estate Settlement Procedures...more

CFPB Secures $8.8 Million Consent Order Against Mortgage Servicer

On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving alleged violations of the Real Estate Settlement Procedures Act (RESPA), the...more

DOJ Settles Mortgage Discrimination Lawsuit Against National Bank for $54 Million

On January 20, the U.S. Attorney’s Office for the Southern District of New York (USAO) announced that it had settled a recently-filed lawsuit against a national bank, resolving allegations of mortgage discrimination. As...more

National Mortgage Lender Settles False Claims Act Allegations for $48 Million

On December 28, the U.S. Department of Justice (DOJ) announced a $48 million settlement with a national mortgage lender, resolving allegations that the lender violated the False Claims Act by underwriting and endorsing...more

DOJ Settles with Ohio Banks Over Alleged Lending Discrimination

On December 28, the U.S. Department of Justice (DOJ) announced that it filed a complaint against, and entered a consent order with, two Ohio-based banks, resolving allegations that the banks had violated the Fair Housing Act...more

CFPB Files Suit Against Pawnbroker for TILA Violations

On November 3, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a Virginia pawnbroker, alleging that the pawnbroker violated the Truth in Lending Act (TILA) and Consumer Financial...more

Q2 2016 Sees Increased Personal and Student Lending Enforcement

For the second quarter of 2016, Consumer Enforcement Watch tracked 46 enforcement actions taken against consumer finance providers. This represents a slight decrease from the 50 enforcement actions that were tracked last...more

NY AG Secures $1.6 Million Settlement For Alleged Mortgage Relief Scheme

On November 2, the New York Attorney General (AG) announced a $1.6 million settlement with a debt settlement company and its principal, resolving allegations that the company violated New York’s deceptive and unlawful...more

CFPB and NY AG File Joint Lawsuit Against Debt Collectors

On November 2, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (AG) announced the filing of a complaint in the United States District Court for the Western District of New York against...more

Minnesota AG Secures $11.7 Million in Consumer Relief from Online Lender

On November 3, the Minnesota Attorney General (AG) announced that it had settled a 2013 lawsuit it had filed against a California-based online personal loan lender. The AG alleged that the lender used a front company that...more

Court Orders Debt Collectors to Pay $11 Million to FTC

On October 31, the United States District Court for the Western District of New York granted the Federal Trade Commission’s (FTC) motion for summary judgment against a group of debt collectors, finding that the debt...more

CFPB Brings Administrative Lawsuits Against Five Arizona Title Lenders

On September 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed five individual administrative lawsuits against Arizona title lenders. Each suit concerns allegations that the title lenders’...more

Former Debt Collection Company VP Ordered to Pay Penalty and Stop Deceptive Debt Collection Practices

On September 21, the Department of Justice (DOJ) announced that the U.S. District Court for the Eastern District of Texas entered a stipulated order for a permanent injunction and civil penalty judgment against the vice...more

FTC Secures $1.8M in Restitution From Debt Relief Scammers

On September 22, the Federal Trade Commission (FTC) announced that the U.S. District Court for the Central District of California issued a permanent injunction prohibiting five defendants involved in mortgage relief scams...more

CFPB Files Action Against Credit Repair Company, Seeking Injunction and Penalties

On September 23, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a credit repair company in the United States District Court for the Central District of California, for alleged violations...more

Another Bank Settles Claims Relating to FHA-Insured Loans with DOJ

On August 5, an Alabama bank announced in its quarterly report that it reached an agreement in principal on a settlement amount with the Department of Justice (DOJ) on behalf of the Department of Housing and Urban Development...more

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