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Loan Servicer Enforcement Actions Civil Monetary Penalty

Hudson Cook, LLP

Nonbank Student Loan Servicer Agrees to a CFPB-Imposed Ban and to Pay $120 Million

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After more than seven years of litigation, on September 12, 2024, the CFPB filed the Stipulated Order reflecting its settlement with the Company over alleged violations of the CFPA, FCRA, and FDCPA....more

Goodwin

CFPB Orders Student-Loan Servicer to Pay $1 Million Penalty and Remedy Miscommunications

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On March 30, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a student-loan servicer for alleged deceptive acts and practices in violation of the CFPA, 12 U.S.C. §§...more

Goodwin

FTC Settles with Student Debt Relief Companies for $19 Million

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On September 28, 2018, the Federal Trade Commission (FTC) announced that it had reached a settlement with loan debt relief operators in connection with the coordinated federal-state enforcement initiative to target deceptive...more

Goodwin

DOJ Obtains $907,000 Settlement for Auto Lender’s Repossession of Active Duty Servicemembers’ Vehicles

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On September 18, 2017, the Department of Justice (“DOJ”) announced that it had entered into a $907,000 settlement with an auto loan lender and servicer (“Defendant”). In its co?mplaint,? filed the same day in the United...more

Goodwin

CFPB Secures $7.9 Million Trial Verdict Against Mortgage Loan Servicer

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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

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

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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

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