In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more
2/15/2021
/ Banking Sector ,
Biden Administration ,
Capital Raising ,
CARD Act ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Management Companies ,
Debt Relief ,
Debtors ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
FinTech ,
Guidance Update ,
Industry Letters ,
Investigations ,
Investors ,
Lenders ,
Loans ,
Memorandum of Understanding ,
Money Market Funds ,
No-Action Relief ,
NYDFS ,
Paycheck Protection Program (PPP) ,
Presidential Nominations ,
Processing Fees ,
Public Comment ,
Registered Funds ,
Regulation O ,
Reporting Requirements ,
SBA ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Settlement Proposals ,
State Attorneys General ,
Student Loans
On February 4, 2021, the California Department of Financial Protection and Innovation (DFPI) launched an investigation into whether four California-based student-loan debt-relief companies violated the new California Consumer...more
In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more
10/2/2020
/ Accredited Investors ,
Appraisal ,
Banking Sector ,
Capital Rules ,
Code of Federal Regulations (CFR) ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Corrective Actions ,
Debt Collection ,
Depository Institutions ,
Disclosure Requirements ,
Dodd-Frank ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Freddie Mac ,
FSOC ,
Lenders ,
Liquidity ,
Military Service Members ,
Mortgages ,
OTS ,
Public Comment ,
Qualified Institutional Buyers ,
Relief Measures ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Unfair or Deceptive Trade Practices ,
Veterans
Editor's Note -
CFPB Remains Active During Government Shutdown. As the government shutdown entered its fourth week and became the longest in history, many federal agencies, including many federal financial regulatory...more
1/17/2019
/ Consumer Financial Protection Bureau (CFPB) ,
Debt-Relief Industry ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicing Rules ,
Non-GAAP Financial Measures ,
Qualified Mortgage Rule ,
Regulation A ,
RESPA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Student Loans
On January 2, 2019, 49 state attorneys general reached a settlement with an Illinois-based for-profit education company, securing approximately $493.7 million in debt relief for over 179,000 students nationwide. The...more
On May 31, the Federal Trade Commission (FTC) announced that it settled claims against a student loan debt relief company as part of a coordinated federal-state enforcement initiative to target deceptive student loan debt...more
On May 31, the Federal Trade Commission (FTC) announced that it settled claims against a loan debt relief company in connection with its coordinated federal-state enforcement initiative to target deceptive student loan debt...more
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 District...more
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
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
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