News & Analysis as of

Unfair or Deceptive Trade Practices Truth in Lending Act (TILA) Regulation Z

Brownstein Hyatt Farber Schreck

CFPB Drops Indirect Lending Case

On April 22, the Consumer Financial Protection Bureau (CFPB) requested the U.S. District Court for the Southern District of New York to remove the bureau as a plaintiff in CFPB v. Credit Acceptance Corporation, a case that...more

Sheppard Mullin Richter & Hampton LLP

CFPB Drops Suit Against Credit Card Company Alleging TILA Violations and Deceptive Marketing Practices

On April 23, the CFPB voluntarily dismissed with prejudice its lawsuit, filed in September 2024, against a Pennsylvania-based credit card company that had been accused of unlawfully marketing a high-cost, limited-use...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Warning on Risks of Home Equity Contracts, Takes Legal Action to Ensure Compliance with TILA

On January 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report, consumer advisory, and filed an amicus brief addressing the risks associated with home equity contracts (HECs)—financial products often...more

Goodwin

CFPB Sues Manufactured Home Financing Company in Relation to Allegedly Risky Loans

Goodwin on

The Consu​​​​​​​mer Financial Protection Bureau (“CFPB”) filed a complaint against a manufactured home loan company (the “Company”) on January 6, 2025, alleging that it originates loans that borrowers are unlikely to be able...more

Mayer Brown

Regulatory Clouds on the Horizon for Solar Financing? Programs Face Headwinds, but the Future Still Looks Bright

Mayer Brown on

At A Glance - Coming off a period of rapid growth, the residential solar financing industry has begun to face increased pressures from aggressive compliance positions taken by regulators and consumer advocacy organizations....more

Hudson Cook, LLP

CFPB Settles with Online Student Lender for Alleged Deceptive Marketing Practices and Miscalculated and Undisclosed Annual...

Hudson Cook, LLP on

On October 17, 2024, the CFPB filed a lawsuit against the Companies claiming violations of the CFPA, TILA, and Regulation Z. The CFPB alleged that the Companies engaged in deceptive acts and practices by representing that it...more

Goodwin

CFPB Sues Online Lender of Student Loans for Alleged Violations of Federal Lending Laws

Goodwin on

On October 17, 2024, the Consumer Finance Protection Bureau (CFPB) announced that it had filed an action in the U.S. District Court for the Southern District of New York against an online lender of student loans, its...more

Hudson Cook, LLP

CFPB Sues Credit Card Issuer and its Owner and CEO for Alleged Deceptive Marketing and Improper Fees

Hudson Cook, LLP on

On September 13, 2024, the CFPB filed a lawsuit against the company and its owner and CEO, alleging deceptive and abusive acts and practices in violation of the CFPA and violations of TILA and its implementing regulation....more

Ballard Spahr LLP

FTC provides annual report to CFPB regarding activities in 2023 under consumer financial services laws

Ballard Spahr LLP on

On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more

Ballard Spahr LLP

CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule

Ballard Spahr LLP on

On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...more

Goodwin

CFPB and Several States Order Vocational Education Company to Pay Fines, Cancel Loans, and Cease Operations After Allegedly...

Goodwin on

On November 20, 2023, the Consumer Financial Protection Bureau (CFPB) announced that, in conjunction with 11 states, it entered into a stipulated final judgment with a Delaware-based vocational education company that...more

Troutman Pepper Locke

Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

Troutman Pepper Locke on

On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more

Goodwin

CFPB Enters Into $15 Million Settlement with Auto Lender

Goodwin on

On February 23, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order​ with an auto lender based in Georgia....more

Bradley Arant Boult Cummings LLP

CFPB Action Against Student Loan Originator Sends Message to Income Share Agreement Industry

On September 7, 2021, the CFPB issued a consent order against Better Future Forward, Inc., and related entities (collectively, BFF), companies that provide financing for postsecondary education to students via income share...more

Goodwin

CFPB Announces $1.1 Million Settlement with California-based Lenders to Resolve Allegations of Unfair and Deceptive Practices

Goodwin on

On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it entered consent orders (here and here) against two California-based mortgage lenders, resolving allegations that the lenders violated the...more

Goodwin

CFPB Files Suit Against National Bank Concerning Alleged Unauthorized Accounts

Goodwin on

On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against a national bank in the U.S. District Court for the Northern District of Illinois alleging that the bank opened unauthorized accounts...more

Ballard Spahr LLP

CFPB and NYAG settle lawsuit alleging federal and state law violations in connection with merchant’s store credit cards

Ballard Spahr LLP on

The CFPB and New York Attorney General have agreed to a settlement with Sterling Jewelers Inc. of a lawsuit they filed jointly in a New York federal district court alleging federal and state law violations in connection with...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

Ballard Spahr LLP

FTC provides 2015 enforcement report to CFPB

Ballard Spahr LLP on

The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more

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