News & Analysis as of

Consent Order

Ballard Spahr LLP

Brink’s Global Services Faces Major Fines: The DOJ and FinCEN Crackdown on AML Violations

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Brinks Global Services USA (“BGS USA”), a global leader in secure logistics, found itself at the center of a significant regulatory investigation due to its failure to meet anti-money laundering (“AML”) obligations....more

Orrick, Herrington & Sutcliffe LLP

Fintech reaches consent order with CFPB over regulatory violations, deceptive practices

On January 30, the CFPB issued a consent order against a fintech company that allows customers to send, receive and store remittances through a mobile app’s prepaid accounts and debit cards. The CFPB alleged the fintech...more

Orrick, Herrington & Sutcliffe LLP

California DFPI mandates cybersecurity overhaul in credit union consent order

On February 4, the California DFPI announced a consent order issued against a credit union (respondent) following a significant cybersecurity breach. This breach, a ransomware attack, allegedly led to the shutdown of various...more

Goodwin

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

Goodwin on

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

Kelley Drye & Warren LLP

Washington AG's Bark Has Some Bite

On January 17, Washington Attorney General Nick Brown announced that his office had reached a resolution in its nearly two-year lawsuit against Puppyland, a local pet store that sells and provides financing for (you guessed...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech for Alleged Deceptive ATM Fee Disclosures and Violations of the Electronic Fund Transfer Act

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On January 30, 2025, the CFPB entered into a consent order with the Company, alleging violations of the Consumer Financial Protection Act ("CFPA") and Electronic Fund Transfer Act ("EFTA")....more

Goodwin

New York Department of Financial Services Reaches $2,000,000 Settlement with Peer-to-Peer Payment Platform

Goodwin on

On January 23, 2025, the New York Department of Financial Services (DFS) announced that it reached a $2,000,000 settlement as part of a broader consent order with a peer-to-peer payment platform (“P2P”) about its...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Safe Drinking Water Act Enforcement: U.S. Department of Justice and Thermal, California Mobile Home Park Enter into Consent Decree

The United States Department of Justice (“DOJ”) on behalf of the federal Environmental Protection Agency (“EPA”) entered into a January 16th Consent Decree (“CD”) with the operators of the Oasis Mobile Home Park (“Park”) for...more

Orrick, Herrington & Sutcliffe LLP

DOJ and bank settle allegations of discrimination in student loan refinancing

On January 19, DOJ and a community bank entered into a consent order to resolve allegations of discriminatory lending practices under the ECOA. DOJ asserted the bank’s student loan refinance program engaged in practices that...more

Orrick, Herrington & Sutcliffe LLP

CFPB fines credit reporting agency $15M for alleged violations

On January 17, the CFPB issued a consent order settling allegations that a consumer reporting agency (CRA) violated the FCRA and engaged in unfair acts and practices, violating the CFPA. The CFPB imposed a $15 million civil...more

Stevens & Lee

FTC Settlement Proposes Consent Order to Monitor Private Equity Firm Welsh Carson’s Acquisitions Plans

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We previously reported on the Federal Trade Commission’s (FTC) lawsuit against U.S. Anesthesia Partners (USAP) and the private equity firm Welsh, Carson, Anderson & Stowe (Welsh Carson). In the lawsuit, the FTC alleges that...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Credit Reporting Agency to Pay $15 Million for Mishandling Consumer Disputes

On January 17, 2025, the CFPB issued a consent order against a large consumer reporting agency for failing to properly investigate consumer disputes concerning inaccurate information on consumers’ credit reports. The CFPB...more

Troutman Pepper Locke

Launching a Product Too Soon? Lessons From Recent CFPB Orders — The Consumer Finance Podcast

Troutman Pepper Locke on

In this episode of The Consumer Finance Podcast, host Chris Willis and guest Joe Reilly delve into recent CFPB consent orders that penalize financial services companies for allegedly launching products before they were fully...more

Goodwin

51 State Financial Regulatory Agencies Enter Settlement and Consent Order with Nonbank Mortgage Servicing Companies

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​​​​​​​​On January 9, 2025, 51 State Financial Regulatory Agencies (the “Agencies”) announced a coordinated consent order and settlement agreement with nonbank mor​tgage servicing companies (the “Companies”). ...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Solid Waste Enforcement: Alabama Department of Environmental Management and Selma Construction and Debris Landfill Enter into...

The Alabama Department of Environmental Management (“ADEM”) and City of Selma entered into a December 11th Special Order by Consent (“Order”) addressing alleged violations of a Solid Waste Disposal Permit. See Order No....more

Goodwin

Massachusetts Commissioner of Banks Enters Into Consent Order With Third Party Loan Servicer

Goodwin on

​​On December 31, 2024​, the Massachusetts Commissioner of Banks entered into a consent order​ with a third party loan servicer (the “Company”), for allegedly engaging in the business of loan servicing in Massachusetts...more

Goodwin

DFPI Obtains $300,000 in Refunds and Penalties from Crypto Lending Platform

Goodwin on

On December 23, 2024, The California Department of Financial Protection and Innovation (DFPI) announced a consent order with a crypto lending platform (the Company)​​​​ that provides financial services to retail and...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Air Enforcement: Alabama Department of Environmental Management and Mobile Sawmill Facility Enter into Consent Order

The Alabama Department of Environmental Management (“ADEM”) and Scotch and Gulf Lumber, LLC (“Scotch”) entered into a December 11th Consent Order (“CO”) addressing an alleged violation of a Clean Air Act Title V Major Source...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues consent order against student loan debt collector

On December 9, the CFPB issued a consent order against a debt collector following allegations of unfair and abusive practices regarding its collection of student loan debt allegedly violating the CFPA and the FDCPA. The CFPB...more

Holland & Knight LLP

3 French Hens? No. SEC Presses Enforcement on Insider Trading, Shadow Trading, Reg FD

Holland & Knight LLP on

The SEC did not take its foot off the pedal in fiscal year (FY) 2024 when it came to prosecuting insider trading. In the third installment of Season's Readings, we consider several recent actions in which the agency secured...more

Hudson Cook, LLP

CFPB takes action against Student Loan Servicer for Allegedly Delaying Default Rehabilitation Process to Acquire Collection Fees

Hudson Cook, LLP on

On December 9, 2024, the CFPB entered into a consent order with the Company, alleging violations of the Consumer Financial Protection Act ("CFPA") and Fair Debt Collection Practices Act ("FDCPA") with respect to its...more

Bradley Arant Boult Cummings LLP

Community Banks and BSA/AML Compliance: The OCC’s Consent Order with Clear Fork Bank Proves Regulators Aren’t Only Focused on...

On October 10, 2024, the financial services community was stunned by the $3.1 billion settlement between the federal government and TD Bank over Bank Secrecy Act (BSA) and anti-money laundering (AML) violations. TD Bank’s...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Air Enforcement: Alabama Department of Environmental Management and Chambers County Strandboard Manufacturing Facility Enter into...

The Alabama Department of Environmental Management (“ADEM”) and West Fraser US EWP LLC (“West Fraser”) entered into a November 6th Consent Order (“CO”) addressing alleged violations of an air permit. See Consent Order No....more

Proskauer - Labor Relations Update

Consent Orders Are Gone But Board Consent Remains…For Now

On November 26, 2024, the National Labor Relations Board’s (“NLRB” or the “Board”) General Counsel, Jennifer Abruzzo, released GC Memorandum 25-02 to all Regional Directors, Officers-in-Charge, and Resident Officers, seeking...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Used Oil Enforcement: Alabama Department of Environmental Management and Patterson, Louisiana Headquartered Waste Transportation...

The Alabama Department of Environmental Management (“ADEM”) and Omega Waste Management, Inc. (“Omega”) entered into a November 27th Consent Order (“CO”) addressing alleged violations of the Alabama Used Oil Regulations. See...more

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