Search Results: Enforcement Actions

CFPB Issues Consent Order Against Credit Reporting Agency For Alleged Failures to Timely Place Credit Freezes And Locks On Conumser Reports

​​On October 12, 2023, the Consumer Financial Protection Bureau (CFPB) issued a consent order and a stipulation ​against a parent credit reporting agency and two of its subsidiaries for for alleged violations of the Fair Credit Report Act (FCRA) and the Consumer Financial Protection Act (CFPA). The CFPB alleged that as early as…

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CFPB Takes Enforcement Action Against Mortgage Lender and Real Estate Brokerage for RESPA Violations

On August 17, 2023, the CFPB announced that it had taken enforcement action against a Florida-based mortgage lending and servicing corporation, as well as a New York-based real estate brokerage firm, issuing consent orders against the businesses for “exchanging things of value return for mortgage loan referrals”, in violation of Section 8(a)…

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FTC Approves Consent Order with Payment Card Network Operator for EFTA Violations

On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged violations of the Electronic Funds Transfer Act (EFTA), as amended, 15 U.S.C. § 1693o-2, and its implementing regulation,…

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CFPB Enters Into $15 Million Settlement with Auto Lender

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.  The order resolves allegations that the lender engaged in unfair practices and predatory lending as to military families on auto title loans in violation of the Consumer Financial Protection Act (CFPA), 12…

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Pennsylvania AG Sues Lead Generators For Deceptive Ads

On November 2, 2022, the Pennsylvania Office of Attorney General filed a lawsuit in federal court alleging that a group of companies offering lead generation services violated the Telemarketing Sales Rule (“TSR”), 16 C.F.R. Part 310, and Pennsylvania consumer protection law, 73 P.S. §§ 201-3 and 201-4, by engaging in…

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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 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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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,…

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CFPB Pilots Advisory Opinion Program to Address “Regulatory Uncertainty”

On June 18, 2020, the Consumer Financial Protection Bureau (CFPB) announced the launch of its pilot advisory opinion (AO) program.  The CFPB quickly followed this announcement by publishing a procedural rule implementing the pilot AO program, as well as a proposed procedural rule that would establish a permanent AO program…

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Massachusetts Case Against Equifax Survives Motion to Dismiss

On April 2, 2018, the Superior Court of Suffolk County, Massachusetts denied Equifax, Inc.’s motion to dismiss the Commonwealth’s case against it related to the company’s widely publicized 2017 data breach.  Although the ruling does not determine who will ultimately prevail in the action, it outlines several key considerations for…

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CFPB Imposes Hefty Fine on Mortgage Servicer for Alleged Violations of Servicing Rules

On June 7, 2017, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against mortgage servicer Fay Servicing, LLC (Fay), requiring Fay Servicing to pay $1.15 million to borrowers and to cease activities that the CFPB contended violated the Real Estate Settlement Procedures Act (RESPA), its implementing regulation, Regulation X,…

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DC Court of Appeals Orders Rehearing of PHH v. CFPB

On February 16, 2017, the United States Court of Appeals for the DC Circuit granted Respondent Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc of PHH Corp. v. CFPB, No. 15-1177 (D.C. Cir.).  In doing so, the court vacated its October 11, 2016, order, which had held, inter alia, that the CFPB’s single-director structure…

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DC Court of Appeals Rules CFPB Director's "For-Cause Only" Removal Unconstitutional; Reinforces Long-Standing RESPA Interpretation

Today the United States Court of Appeals for the DC Circuit issued its long-awaited ruling in the PHH v. CFPB appeal (opinion here).  LLW has written about the PHH case here and here before, and below are some quick takeaways from the court’s 110-page ruling for industry watchers: The court determined that…

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Q1 2016 Sees Continued Focus on Mortgages, Fair Lending, and CFPB Enforcement (Interactive Charts Inside)

*Editor’s Note:  This post originally appeared on our sister blog, Consumer Finance Enforcement Watch.  Visit CFEW for more real-time reporting and data analytics on the full range of public federal and state consumer finance enforcement activity and the latest updates to our interactive charts.* For the first quarter of 2016, Consumer Finance…

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2Q 2015 Sees Increase in Enforcement Litigation

*Editor’s Note:  This post originally appeared on our sister blog, Consumer Finance Enforcement Watch.  Visit CFEW for more real-time reporting on the full range of public federal and state consumer finance enforcement activity.* For the second quarter of 2015, Consumer Finance Enforcement Watch tracked 56 enforcement actions taken against consumer finance providers,…

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