News & Analysis as of

Military Service Members Consumer Financial Protection Act (CFPA)

Cozen O'Connor

CFPB Shuts Down Loan Scams Targeting Military Families

Cozen O'Connor on

The CFPB is fighting back against what it alleges to be unlawful predatory lending practices targeting military families in violation of the Military Lending Act (MLA)....more

Goodwin

CFPB Launches Lawsuit Against Online Lender Alleging Violations of the Military Lending Act

Goodwin on

On September 29, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the United States District Court for the Southern District of New York against an online lender and 38 of its subsidiaries...more

Goodwin

CFPB Files Complaint Against Pawnshop Lenders for Alleged Military Lending Act Violations

Goodwin on

On November 12, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint in the United States District Court for the Northern District of Texas against two pawnshop lenders, alleging...more

Ballard Spahr LLP

CFPB to Ramp up MLA Supervision and Enforcement

Ballard Spahr LLP on

In a blog post published on January 28, 2021 sharing a statement sent to CFPB staff, Acting Director David Uejio announced several new priorities for the CFPB’s Supervision, Enforcement and Fair Lending Division under the...more

Goodwin

CFPB Announces $2.175 Million Settlement with Company Offering Installment Loans

Goodwin on

On December 30, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lender that provided installment loans to consumers affiliated with the military over the...more

Goodwin

OCC Finalizes “True Lender” Rule

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

Goodwin

CFPB Settles with Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

Goodwin on

On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United...more

Goodwin

CFPB Announces $1 Settlement With Military Pension-Advance Broker

Goodwin on

On January 23, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a loan broker, resolving allegations the broker’s offering of high-interest credit to veterans on...more

Burr & Forman

CFPB Update: January 2018

Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Ballard Spahr LLP

CFPB enters into consent order with credit union

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

Carlton Fields

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

Carlton Fields on

On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

Baker Donelson

CFPB Shifts Focus to Auto Lending Industry

Baker Donelson on

Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

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