Search Results for:

CFPB Releases Supervisory Highlights Regarding Practices of Student Loan Servicers and University-Owned Lenders

In September 2022, the Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights regarding recent examination findings related to student loan servicing.  The Supervisory Highlights focus on three sets of “significant supervisory findings:”  (i) blanket policies to withhold transcripts in connection with an extension of credit are abusive…

Read More

CFPB Issues Circular Confirming that Financial Companies May Violate Consumer Financial Protection Law by Failing to Protect Consumer Data

cfpb

In August 2022, the Consumer Financial Protection Bureau (CFPB) published a circular confirming that, under certain circumstances, entities may “violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when they have insufficient data protection or information security.”  The circular sets forth the CFPB’s analysis…

Read More

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

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 illegally access customer credit reports and to open checking and savings accounts, credit cards, and lines…

Read More

CFPB Issues Consent Order Against Fintech for Enabling Merchants to Secure Loans for Consumers Without Their Authorization

cfpb

On July 12, 2021, the Consumer Financial Protection Bureau (CFPB) issued a consent order (the Consent Order) against a Fintech company that facilitates home improvement loans (the Fintech).  The CFPB claims that the Fintech enabled “contractors and other merchants to take out loans on behalf of thousands of consumers who…

Read More

CFPB Sends Notification Letters to Landlords Regarding COVID-19 Evictions

On May 3, 2021, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) sent notification letters reminding the nation’s largest apartment landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19.   The Notification Letter points to the Centers for Disease…

Read More

CFPB Releases Annual Report on Administration of the Fair Debt Collection Practices Act

On March 19, 2021, the Consumer Financial Protection Bureau (CFPB) released its annual report to Congress regarding its administration of the Fair Debt Collection Practices Act (FDCPA).  The CFPB and the Federal Trade Commission (FTC) share government enforcement responsibility for the FDCPA, and work together to coordinate their respective efforts…

Read More

California’s DFPI Launches Investigation and First Formal Enforcement Action

On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt relief companies.  Goodwin previously provided an overview of three new California consumer finance laws that became effective in January 2021,…

Read More