Search Results: CFPB

CFPB and DOJ Order Mortgage Company to Pay Over $22 Million for Advertising and Marketing Discrimination

On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company intentionally discriminated against families living in majority-minority neighborhoods around Philadelphia in violation of the Fair Housing Act…

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CFPB Sues TransUnion and Senior Executive for Violating Law Enforcement Order Prohibiting Deceptive Marketing

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in federal court against TransUnion, two of its subsidiaries, and its longtime executive for failing to implement requirements of the CFPB’s 2017 law enforcement  order to TransUnion, and for violating Regulation V, which…

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CFPB Encourages Consumers To “Hold Accountable” Consumer Reporting Companies By Filing Disputes and FCRA Lawsuits

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On January 27, 2022, the Consumer Financial Protection Bureau (CFPB) published its updated annual list of consumer reporting companies for the purpose of encouraging consumers to seek access to their files, and sue if they believe there is a Fair Credit Reporting Act (FCRA) violation.  The CFPB’s press release announcing the…

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Goodwin’s New Consumer Financial Protection Bureau Hub

In response to recent changes at the Consumer Financial Protection Bureau (CFPB), including the appointment of Director Rohit Chopra, Goodwin’s Consumer Financial Industry practice created a CFPB Hub to serve as a resource for companies in the consumer financial services space as they navigate regulatory developments. With specific regard to…

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CFPB, Banking Agencies, and State Regulators Warn of Increased Scrutiny on Mortgage Servicers

The CFPB, federal banking agencies, and state regulators are returning to pre-pandemic norms with respect to enforcement and supervision of the mortgage servicing industry.  On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union…

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

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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…

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CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

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On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary protections for mortgage borrowers as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and various Federal and State…

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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…

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CFPB Seeks to Hold Mortgage Servicers Accountable, and Establish New Mechanisms for Protecting Borrowers, Against Forthcoming Increase In COVID-19 Foreclosures

This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage servicers, and a notice of proposed rulemaking, regarding actions mortgage servicers can take to deal with the onslaught.  On…

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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…

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