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Unfair or Deceptive Trade Practices UDAAP Enforcement Actions

Holland & Knight LLP

CFPB Seeks Dismissal of Pending UDAAP Examination Manual Litigation

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The CFPB on April 30, 2025, filed a joint stipulation to dismiss its appeal pending before the U.S. Court of Appeals for the Fifth Circuit regarding an agency policy that expands the scope of antidiscrimination oversight....more

Sheppard Mullin Richter & Hampton LLP

FTC Imposed $9.6 Million Judgement Against Debt Collector for Alleged Threats and Phantom Debt

On April 30, 2025, the FTC filed an amended complaint and final order in the U.S. District Court for the Northern District of Georgia against a debt collection company in connection with allegations that the company engaged...more

Troutman Pepper Locke

Fifth Circuit Agrees to Dismiss CFPB’s UDAAP Examination Manual Appeal, Aligning with Bureau’s New Regulatory Priorities

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On May 1, the U.S. Court of Appeals for the Fifth Circuit dismissed the Consumer Financial Protection Bureau’s (CFPB or Bureau) appeal concerning the vacated amendments to its Unfair, Deceptive, or Abusive Acts and Practices...more

Sheppard Mullin Richter & Hampton LLP

FTC Orders Fintech Company to Pay $17 Million for Allegedly Deceptive Subscription Practices

On March 27, the FTC announced that a fintech company offering cash advances through a mobile app has agreed to pay $17 million to resolve allegations that it violated the FTC Act and the Restore Online Shoppers’ Confidence...more

Sheppard Mullin Richter & Hampton LLP

Pennsylvania AG Alleges Mortgage Brokers Engaged in Illegal Referral Scheme

On January 17, the Pennsylvania Attorney General filed a civil enforcement action in the U.S. District Court for the Eastern District of Pennsylvania against a group of mortgage brokers and their manager, alleging that they...more

Orrick, Herrington & Sutcliffe LLP

New York attorney general proposes bill against unfair, deceptive and abusive practices

On March 13, New York Attorney General Letitia James announced proposed legislation to strengthen the state’s consumer protection framework by expanding enforcement powers beyond deceptive acts and practices to also include...more

Cooley LLP

New York Legislature Aims to Fill Federal Consumer Protection Void

Cooley LLP on

On March 13, 2025, New York legislators introduced a bill backed by New York Attorney General Letitia James to expand the state’s current consumer protection law to cover “unfair” and “abusive” practices, and not just...more

Sheppard Mullin Richter & Hampton LLP

FTC Granted Injunction in Small Business Lending Case 

The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more

Sheppard Mullin Richter & Hampton LLP

CFPB Drops Two More Major Lawsuits 

The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more

Hudson Cook, LLP

Expect To Feel Aftershocks Of Chopra's CFPB Shake-Up

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The future of the Consumer Financial Protection Bureau — and federal enforcement of consumer financial laws more generally — is uncertain. The Trump administration has ordered the CFPB to freeze all enforcement activity,...more

Brownstein Hyatt Farber Schreck

CFPB Urges States to Enact Consumer Protections

CFPB Urges States to Enact Consumer Protections Last week, the Consumer Financial Protection Bureau (CFPB) issued a report in tandem with a new initiative aimed at pushing an increased number and widening the scope of...more

Troutman Pepper Locke

Trump Administration Expected to Roll Back Biden-Era UDAP Rules

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UDAP has been controversial in the US in the past couple of years. Now that we have a new president and a new Congress, the use of UDAP may change....more

Goodwin

CFPB Takes Action on Bait-and-Switch Credit Card Rewards Tactics

Goodwin on

Following months of public hearings and reports on credit card rewards programs, on December 18, 2024, the Consumer Financial Protection Bureau (CFPB) released a circular (Circular) to other law enforcement agencies alleging...more

Ballard Spahr LLP

CFPB bans private dispute resolution platform Ejudicate from arbitrating consumer financial product disputes

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The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated...more

Hudson Cook, LLP

CFPB Bites of the Month Webinar Recap: The CFPB and the Dust of June

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In this month's article, we share some of our top "bites" covered during the June 2024 webinar....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

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Lease-to-Own Finance Company for Allegedly Deceiving Consumers

On July 19, the CPFB filed a complaint against a lease-to-own finance company, alleging that the company has offered and provided millions of “lease-purchase” and “rental-purchase” financing agreements in ways that have...more

Orrick, Herrington & Sutcliffe LLP

CFPB orders nonbank title lender to pay $15 million for numerous violations

On February 23, the CFPB entered a consent order against a Georgia-based nonbank auto title lender (respondent) for alleged violations of the Military Lending Act (MLA), the Truth in Lending Act, and the Consumer Financial...more

Orrick, Herrington & Sutcliffe LLP

Senators ask FTC, CFPB to investigate deceptive listing agreements

In December, Senate Banking Committee Chairman Sherrod Brown (D-OH), along with Senators Tina Smith (D-MN) and Ron Wyden (D-OR) sent a letter to the FTC and the CFPB requesting a review of a Florida-based real estate...more

Goodwin

CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged UDAAP Violations

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On December 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Consumer Financial Protection Act’s...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Issue 10, 2022

A recent survey by PricewaterhouseCoopers revealed that U.S. executives now consider cyberattacks the number one risk their companies face. Concerns about cybersecurity have moved beyond the Chief Information Security Office...more

Hudson Cook, LLP

CFPB Sues Online Lender for Alleged Military Lending Act and UDAAP Violations

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HIGHLIGHTS: The lawsuit alleges that the lender charged more than the allowed 36% rate cap under the Military Lending Act on loans to servicemembers and their dependents, through interest rates and monthly membership fees....more

Buchalter

The CFPB Expands Its UDAAP Authority Further Into Data Security Issues

Buchalter on

Continuing a trend it has been pursuing, the CFPB on Thursday used a non-rulemaking circular (Consumer Financial Protection Circular 2022-04) to state that its UDAAP authority extends its enforcement authority to situations...more

Sheppard Mullin Richter & Hampton LLP

CFPB Fines Student Loan Servicer $1 Million to Settle Alleged UDAAP Violations

On March 30, the CFPB settled with a student loan servicer to resolve allegations that the servicer made deceptive statements to student loan borrowers and misrepresented their forgiveness and repayment options, including...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

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