News & Analysis as of

Consumer Financial Protection Act

CFPB Files Complaint Alleging Debt-Relief Providers Misrepresented Affiliation with U.S. Government

by Goodwin on

On October 12, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against two debt-relief companies and their owners, and a third company that processed payments for and provided other services...more

CFPB Denied Restitutionary Relief in False Advertising Lawsuit Against Mortgage Services Company

by Dorsey & Whitney LLP on

In a Consumer Financial Protection Bureau (“CFPB”) action against a mortgage services company, its subsidiary, and its founder, a California district judged denied an award of $73.9 million in restitutionary relief, and...more

CFPB files lawsuit against debt relief companies for alleged misrepresentation of government affiliation

by Ballard Spahr LLP on

Last week, the CFPB filed a lawsuit in Maryland federal court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals  for alleged violations of the Telemarketing...more

Pennsylvania AG Files Suit Against Nationwide Student Loan Provider and Servicer

by Goodwin on

?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

Lenders Beware: Overdraft Policies May Spur CFPB Litigation

by Balch & Bingham LLP on

The CFPB is aggressively litigating overdraft issues, which means lenders should proactively review their overdraft policies to avoid the specter of costly litigation with the CFPB. For example, in Consumer Financial...more

CFPB, Student Loan Securitizer, and Debt Collector Agree to Combined $21.6 Million Settlement for Alleged Illegal Collection...

by Goodwin on

On September 18, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a settlement and proposed consent judgment with a student loan owner and securitizer, and a separate consent judgment...more

Court denies restitution sought by CFPB in lawsuit against biweekly mortgage payment companies

by Ballard Spahr LLP on

In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment...more

TCF National Bank obtains dismissal of CFPB’s Regulation E claims in overdraft services lawsuit

by Ballard Spahr LLP on

This past January, the CFPB filed a lawsuit against TCF National Bank in Minnesota federal district court that alleged that the bank, in connection with offering overdraft services, violated the Consumer Financial Protection...more

CFPB Secures $7.9 Million Trial Verdict Against Mortgage Loan Servicer

by Goodwin on

On September 8, a federal judge in California ordered a national mortgage services company to pay a $7.9 million civil penalty based on false or misleading marketing statements it allegedly made to consumers about its...more

CFPB Enters Consent Order with Lead Aggregator For Steering Consumers to Illegal Loans

by Goodwin on

On September 6, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lead aggregator over claims the aggregator steered consumers towards lenders who offered...more

CFPB Secures Stipulated Final Judgment Against Credit Repair Company

by Goodwin on

?On August 30, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a stipulated proposed final judgment in the U.S. District Court for the Central District of California in a case against a...more

CFPB Files Complaint Against Private Equity Firm for Predatory Lending Practices for Student Loans

by Goodwin on

On August 17, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint ?and proposed settlement ?against an Oregon private equity firm and related entities for aiding a post-secondary...more

Massachusetts AG Sues Student Loan Servicer

by Goodwin on

On August 23, 2017, Massachusetts Attorney General Maura Healey announced that her office had sued one of the nation’s largest federal student loan servicers, alleging that the servicer deprived public servants of relief...more

Middle District of Pennsylvania Ignores Key Constitutional Questions in Navient Case

by Ballard Spahr LLP on

As we’ve discussed before, the CFPB sued Navient over its student loan servicing practices in the Middle District of Pennsylvania. In doing so, the CFPB followed its strategy of announcing new legal standards by enforcement...more

SCOTUS denies petition for certiorari in case asserting recess appointment defense to CFPB enforcement action

by Ballard Spahr LLP on

On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

by Ballard Spahr LLP on

The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

Court Accepts $39 Million Settlement Between CFPB and Mortgage Relief Law Firm

by Goodwin on

On June 21, 2017, a federal judge in the Western District of Wisconsin accepted a Stipulated Final Judgment and Order (“Stipulated Judgment?“) based on an agreement between the CFPB and the bankruptcy trustee of a now defunct...more

Financial CHOICE Act Approved in the House

On June 8, 2017, the House passed H.R. 10, the Financial “CHOICE” Act with a vote of 233 to 186. Introduced on April 27, 2017, the Financial CHOICE Act proposes to amend the Dodd-Frank Act to repeal the Volcker Rule,...more

Court Tosses CFPB Suit Against Payment Processor

A payment processor scored a victory against the Consumer Financial Protection Bureau (CFPB) when a North Dakota federal court dismissed the Bureau's lawsuit for failing to plead facts sufficient to support the conclusion...more

Consumer Financial Data Aggregation & the Potential for Regulatory Intervention

A confluence of regulatory activity and policy debates seems to be laying the groundwork for future regulation of consumer financial data aggregation activities. The outcome of these activities could significantly affect how...more

Federal district court refuses to dismiss CFPB lawsuit against law firms and attorneys for unlawful debt relief practices

by Ballard Spahr LLP on

A California federal district court has refused to dismiss a lawsuit filed by the CFPB in January 2017 against several law firms and attorneys alleging that the defendants violated the FTC’s Telemarketing Sales Rule (TSR) and...more

CFPB is Busier than Ever – And Not Only with the Usual Suspects

by Baker Donelson on

Despite the new administration's distaste for Dodd-Frank and the CFPB, 2017 has been quite an active year so far: as of May 1, there have been 21 enforcement actions initiated by the CFPB against various entities across the...more

CFPB Settlements: It’s Not Over Until It’s Over

by Foley & Lardner LLP on

On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of...more

CFPB doubles down on its attacks against online tribal lenders

by Ballard Spahr LLP on

In a new lawsuit filed in an Illinois federal district court, the CFPB alleges that four online tribal lenders engaged in unfair, deceptive, and abusive acts or practices in violation of the Consumer Financial Protection Act...more

CFPB Lawsuit Targets High-Interest Online Lenders

by Goodwin on

On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged...more

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