News & Analysis as of

Misrepresentation Consumer Lenders

Hudson Cook, LLP

CFPB Brings Lawsuit Against FinTech Company for its Alleged Deceptive Practices and for Allegedly Misrepresenting the Costs of its...

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On May 17, 2024, the CFPB filed a lawsuit in the U.S. District Court for the Central District of California against a financial technology company for violations of the CFPA and FCRA....more

Goodwin

CFPB Files Complaint and Proposed Final Judgments Against Higher Education Assistance Agency and National Collegiate Student Loan...

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​​​​​​​On May 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint ​and two proposed stipulated final judgments to resolve its claims against the National Collegiate Student Loan...more

Hudson Cook, LLP

CFPB Bites of the Month - December 2023 - I'm Dreaming of a Winter Solstice and the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the December 2023 webinar....more

Sheppard Mullin Richter & Hampton LLP

DC OAG Reaches $4 Million Settlement with FinTech Over Claims of Predatory Lending

On February 8, the District of Columbia attorney general announced a settlement with a FinTech company for alleged violations of the District of Columbia Consumer Protection Procedures Act (CPPA) by marketing high-costs loans...more

Goodwin

Massachusetts AG Announces Settlement with Used Car Dealership for Alleged Deceptive Sales Practices

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On November 19, 2019, the Massachusetts Attorney General’s Office (AG) announced that it had settled its investigation into a used car dealership’s allegedly unfair and deceptive sales practices in violation of the...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending November 15, 2019

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Real Property Update - Foreclosure / Notice: Mail log sufficient evidence to establish mailing of notice to borrower of default and possibility of foreclosure – Stacknik v. U.S. Bank, N.A., No. 2D18-2156 (Fla. 2d DCA Nov....more

Goodwin

Virginia Attorney General Announces Settlement with Online Lender, Resulting in $2.7 Million in Relief to Virginia Consumers

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On February 7, 2018, Virginia Attorney General Mark R. Herring (Virginia AG) announced a settlement with a Virginia based online lender for alleged violations of the Virginia Consumer Protection Act. The lender allegedly...more

Burr & Forman

Fall 2017 Consumer Financial Protection Bureau Update

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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

Goodwin

Virginia AG Obtains $480,000 Settlement with Small-Dollar Lender

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On July 25, 2017, the Virginia Attorney General’s Office (Virginia AG) announced that it had reached a settlement with a small-dollar open-end credit lender. According to the Virginia AG, the lender offered open-end cash...more

Goodwin

CFPB and California DBO Settle with Online Lender Over Alleged Misrepresentations

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On September 27, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender, after a joint investigation with the California Department of Business Oversight...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.8.16

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In a move anticipated over the past year or so, Caliber Home Loans—with PE Lone Star Funds’ backing—is making more loans to “borrowers with spotty credit histories.” A euphemism for subprime, by the way. That targeting has...more

McGuireWoods LLP

CFPB Targets Pension Lenders in Dodd-Frank Suit

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On August 20, 2015, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) filed suit in the U.S. District Court for the Central District of California against two pension...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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In a burst of post-Labor Day energy, the SEC filed a number of significant actions. Those include a series of actions arising out of the audit failure by BDO; actions centered on a financial fraud at an on-line lender; cases...more

Goodwin

No Summer Vacation for Student Lending Companies as Enforcement Activity Continues

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Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more

Dorsey & Whitney LLP

It Is Now Easier To Draft Class Action Waivers and Arbitration Agreements

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Last week, the California Supreme Court provided additional guidance as to how to draft an enforceable arbitration agreement and how Courts should analyze whether mandatory arbitration provisions can be held unconscionable...more

Goodwin

Add-On Products Continue To Present Litigation Risks For Lenders

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The Consumer Financial Protection Bureau’s recent action against two credit card vendors regarding credit monitoring and identity theft protection services is a reminder of the legal risks associated with certain add-on...more

Ballard Spahr LLP

CFPB takes action on misleading advertisements

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Late last week, on February 12, the CFPB announced actions against three mortgage companies for alleged violations of Regulation N, the Mortgage Acts and Practices Advertising Rule. Among other restrictions, Regulation N bars...more

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