On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national lender and originator of subprime auto loans over the company’s alleged violations of Section 623(a)(1)(A) of the Fair Credit Reporting Act (FCRA) (15 U.S.C. § 1681-s2(a)) and Regulation V, 12 C.F.R. § 1022.42(a). The…
On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had secured a consent order against a national student loan servicer based on its failure to comply with a 2015 consent order issued by the CFPB. Specifically, the company misrepresented the minimum periodic payments owed by consumers on their student loans, misrepresented…
On December 21, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a remittance transfer provider, with locations in 15 states and the District of Columbia. Remittance transfers are transfers of money by consumers in the United States to individuals living abroad. The consent order states that…
On December 18, 2020, the Consumer Financial Protection Bureau (Bureau) announced that it had entered into a consent order with a mortgage servicing company (and its successor in interest) resolving allegations that the company’s conduct between 2014 and 2018 violated the Consumer Financial Protection Act (CFPA) and Regulation X, the implementing regulations of the…
On December 11, 2020, the Consumer Financial Protection Bureau (Bureau) and the Arkansas Attorney General (AG) announced that they filed a complaint and proposed stipulated judgment in the U.S. District Court for the Eastern District of Arkansas against a home-security company. The complaint alleges that the company—which provided credit to customers for its products and services—violated the Consumer…
On December 8, 2020, the Consumer Financial Protection Bureau (Bureau) announced that it had entered into a consent order with a New Jersey debt collection company, resolving allegations that the debt collection company violated the Fair Debt Collection Practices Act (FDCPA) and the Consumer Financial Protection Act (CFPA). The debt collection company was engaged…
On December 4, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against an online lender that offers single-payment and installment loans to consumers for alleged violations of the Military Lending Act (MLA). The MLA contains protections associated with extensions of consumer credit for active-duty servicemembers, including a maximum allowable annual…
On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) granted a no-action letter to an online loan marketplace company for its artificial intelligence (AI) loan origination and underwriting platform. The company offers an AI-based underwriting model for banks, credit unions, and non-bank lenders to use in originating loans. Consumers provide information to start a loan…
On December 1, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a Massachusetts debt settlement and relief company over alleged violations of the Telemarketing Sales Rule (TSR) and Consumer Financial Protection Act (CFPA) in connection with the company’s debt-settlement and debt relief services. The complaint filed in the U.S. District…
On November 5, 2020, the Federal Register published five federal financial regulatory agencies’ invitation for comment on a notice of proposed rulemaking (NPR) that would codify the agencies’ Interagency Statement Clarifying the Role of Supervisory Guidance, as amended, which was issued on September 11, 2018 (2018 Statement). The 2018 Statement…
On November 20, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a Florida-based company that offers auto loans over the company’s alleged violations of the Consumer Financial Protection Act (CFPA). The consent order, entered against both the company and personally against the company’s…
On November 20, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint against an Illinois-based debt settlement company and the company’s owners for alleged violations of Telemarketing Sales Rule (TSR), 16 C.F.R. § 310.4, and the Consumer Financial Protection Act (CFPA), 12 U.S.C. § 5536….
On November 12, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Illinois-based debt collector that collects debts on behalf of telecommunications companies and furnishes consumer-account information to credit reporting agencies. The CFPB alleged that the debt collector violated the Fair Credit Reporting Act (FCRA) and the…
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA). According the CFPB’s press release, the new final rule is designed “to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices…
On November 5, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had filed a complaint against a California student loan debt settlement company and the company’s CEO in the U.S. District Court for the Central District of California. The complaint alleges that the company violated the Telemarketing Sales…
On November 5, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had filed a complaint against a Florida-based payday lender and its CEO in the Southern District of Florida. The complaint alleges that the company violated the Consumer Financial Protection Act (CFPA) by engaging in deceptive acts and practices in connection with the…
On November 2, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had entered into a consent order with a Texas-based auto lender. The CFPB alleged that the auto lender engaged in deceptive acts and practices in violation of the Consumer Financial Protection Act (CFPA) by falsely claiming that…
On October 1, 2020, the Consumer Financial Protection Bureau (CFPB) released its rule assessment for a final Rule relating to mortgage disclosures. Known as the TRID Rule, the Bureau’s final Rule implemented requirements under the Consumer Financial Protection Act (CFPA) to integrate various mortgage loan disclosures under the Truth in…
On October 26, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had a reached a settlement with a Utah-based mortgage lender and broker, resolving allegations that the lender had engaged in deceptive acts and practices in violation of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536 (CFPA),…
On October 15, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it has reached a proposed settlement with the nation’s largest debt collector. The CFPB previously reached a consent order with this company in 2015 for alleged violations of the Consumer Financial Protection Act (CFPA), Fair Debt Collection Practices Act (FDCPA),…