News & Analysis as of

Restitution Consent Order

BakerHostetler

Roomster Gets a One-Star Review from the FTC and Six States

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​​​​​​​2022 continues to be the Year of the Review for consumer protection law enforcers. We have seen several cases already this year, and the latest suit has the added bonus of the Federal Trade Commission (FTC) teaming up...more

Goodwin

CFPB Fines Bank for Accessing Customer Credit Reports and Opening Accounts, Credit Cards, and Lines of Credit Without Customers’...

Goodwin on

​​​​​​​On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to...more

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Credit Reporting Agency and Former Senior Executive

On April 12, the CFPB filed a complaint against a credit reporting agency (CRA), two of its subsidiaries, and a former senior executive for violating a 2017 consent order issued to the company related to alleged deceptive...more

Cozen O'Connor

FTC Sends Refunds to Consumers Who Bought Fish Oil Supplements Marketed with Unproven Health Claims

Cozen O'Connor on

The FTC announced that it is refunding a total of $396,431 to more than 1,800 consumers nationwide as part of its final settlement with German multinational chemical company BASF SE, its U.S. subsidiary, and BASF-retained...more

Goodwin

DOJ Reaches $50,000 Settlement with NJ Higher Education Student Assistance Authority

Goodwin on

On September 20, 2021, the Department of Justice (DOJ) announced that it rea​ched a settlement with the New Jersey Higher Education Student Assistance Authority (HESAA), resolving allegations that the state...more

Goodwin

North Carolina AG Settles with Out-of-State Payday Lender for $825,000

Goodwin on

On January 27, 2020, North Carolina Attorney General Josh Stein (North Carolina AG) reached ?a settlement with an out-of-state payday lender for $825,000. The Attorney General obtained a consent temporary restraining order...more

ArentFox Schiff

What CRAs Must Know: Important FAQs Regarding CFPB’s Recent Action for Employment Background Check Report Violations

ArentFox Schiff on

Based on the public filing, the Bureau asserted that Sterling was engaged in the business of providing background screening reports as to job applicants to assist employers in hiring decisions. The outcome was an order of $6...more

Ballard Spahr LLP

Debt Collector Enters into Consent Order with CFPB to Settle Alleged FDCPA and UDAAP Violations

Ballard Spahr LLP on

Last week, the CFPB announced that that it had entered into a consent order with an Illinois-based debt collection company. According to the settlement, the company’s business consists primarily of purchasing and then...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

Hudson Cook, LLP on

This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

Goodwin

CFPB Enters Into $15.5 Million Consent Order with Bank Over Stop Payment and Error Resolution Practices

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On January 3, 2018, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a $15.5 million consent order with a federally-chartered savings association bank. The consent order resolves allegations...more

Goodwin

Federal Reserve Board Settles With Kentucky Bank for $4.75 Million

Goodwin on

On July 26, 2018, the Federal Reserve Board (FRB) announced a multi-million dollar settlement with a Kentucky bank over allegations of unlawful banking practices in violation of Section 5 of the Federal Trade Commission Act. ...more

Ballard Spahr LLP

CFPB announces consent order with small-dollar lender

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The CFPB announced that it has entered into a consent order with Cash Express, LLC to settle charges that the company engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act...more

Manatt, Phelps & Phillips, LLP

Add-Ons Cost Kentucky Bank $4.75M in Federal Reserve Board Action

A Kentucky bank must pay $4.75 million in restitution pursuant to a consent order with the Board of Governors of the Federal Reserve System in an enforcement action involving add-on products. The relatively unusual action...more

Goodwin

FDIC Enters Into $20 Million Consent Order With Debt Settlement Entities

Goodwin on

On March 28, 2018, the Federal Deposit Insurance Corporation (“FDIC”) annou?nced settlements with a bank and an affiliated lender (“Defendants”) relating to allegations of deceptive lending practices. According to the FDIC,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Consumer Financial Protection Bureau Update

A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more

Ballard Spahr LLP

CFPB whistleblower alleges falsification of examination documents by CFPB

Ballard Spahr LLP on

A former CFPB examiner has written U.S. Attorney General Jeff Sessions claiming that CFPB officials falsified examination reports in connection with a CFPB examination of ACE Cash Express that led to the CFPB extracting $10...more

Ballard Spahr LLP

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

Ballard Spahr LLP on

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

Goodwin

Debt Collection Firm Enters Consent Judgment for $1 Million in Restitution with Massachusetts AG

Goodwin on

On July 27, 2017, the Massachusetts Attorney General’s Office (Massachusetts AG) announced that it ?entered into a consent judgment? with the largest debt collection law firm in the state and two of its principals. The agreed...more

Shook, Hardy & Bacon L.L.P.

Dietary Supplement & Cosmetics Legal Bulletin | May 2017

Senators Call For Removal of Dioxane from Cosmetic Products - U.S. Sens. Chuck Schumer (DN. Y.) and Kirsten Gillibrand (DN. Y.) have petitioned the Food and Drug Administration to prohibit detectable levels of 1,4dioxane...more

Goodwin

Virginia AG Settles Action Against Pawnbroker Over Illegal Interest Rates

Goodwin on

On May 9, 2017, the Attorney General for the Commonwealth of Virginia (Virginia AG) announced that it had entered into a proposed consent order to resolve an action filed in Spotsylvania County Circuit Court against a...more

Ballard Spahr LLP

CFPB and Virginia AG settle claims against pawnbroker for alleged TILA/CFPA/VA law violations

Ballard Spahr LLP on

The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with  Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Continues to Expand Its Meaningful Involvement Requirements for Debt Collection Law Firms

The CFPB recently issued its third consent order involving a debt collection law firm and appears to be expanding its interpretation of “meaningful involvement”. The order, which was entered against two related debt...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Consent Orders with Consumer Reporting Agencies Focus on Marketing Practices not Credit Reporting

Marketing practices remain at the forefront of CFPB activity as evidenced by two recent consent orders entered into with TransUnion and Equifax. The consent orders combine to require the CRAs to pay more than $17.6 million...more

Goodwin

CFPB Assesses Largest Fine in Agency’s History Against National Bank for Opening Accounts Without Consumers’ Consent

Goodwin on

On September 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, pursuant to a Consent Order, a national bank agreed to make full restitution to consumers and pay the CFPB a $100 million fine because many...more

Ballard Spahr LLP

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

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