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N.D. Illinois: Bank’s HAMP Procedures Weren’t Unfair or Deceptive
A U.S. District Judge in the Northern District of Illinois recently granted summary judgment in favor of defendant PNC Bank on a borrower’s promissory estoppel and Illinois Consumer Fraud Act (ICFA)...
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CFPB Sues Credit Repair Company for Misleading Claims and Illegal Fees
On September 22, 2016, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the U.S. District Court for the Central District of California against a credit repair company for allegedly...
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Court Applies Heightened Pleading Standard to CFPB Complaint Alleging...
On November 15, 2016, the Central District of California issued a ruling (subscription required) in CFPB v. Prime Marketing Holdings, LLC dismissing without prejudice four out of five claims on grounds...
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Federal Judge Rules CFPB Structure Unconstitutional
On June 21, 2018, a judge in the Southern District of New York ruled that the Consumer Financial Protection Bureau’s (CFPB’s) single director structure is unconstitutional. See CFPB v. RD Legal...
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California and New York Propose to Expand Consumer Protections
At the start of the new year, both California’s Governor Newson and New York’s Governor Cuomo proposed expansions to their respective state’s regulatory oversight of consumer financial services. Of...
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CFPB Issues Much Anticipated Guidance Regarding Abusive Acts or Practices
On January 24, 2020, the Consumer Financial Protection Bureau (CFPB) issued a policy statement setting forth guidelines on how it intends to enforce the “abusiveness” standard under the Dodd-Frank Act....
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California Legislature Passes Bill Expanding Consumer Financial Protection...
On August 31, 2020, the California Legislature passed Assembly Bill No. 1864 (AB-1864), sending the bill to California Governor Gavin Newsom for his expected approval. Below is an overview of some of...
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California Regulator Opens Licensing Application For Debt Collectors
Debt collectors operating in California may now submit applications for licensure by the Department of Financial Protection and Innovation (DFPI) in compliance with the state’s newly enacted Debt...
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CFPB Increases Scrutiny on Student Loan Servicers
On February 18, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin and Policy Guidance (Bulletin) regarding the servicing of Federal student loans for borrowers who may...
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Massachusetts AG Settles Claims Against Federal Student Loan Servicer
On February 10, 2021, the Massachusetts Attorney General (Massachusetts AG) announced that it reached a settlement with a national federal student loan servicer, resolving allegations that the entity...
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FTC Announces $114 Million Settlement with Payday Lenders
On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme. The settlement resolves...
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California Settles with Online School for Allegedly Deceptive Financing...
On April 26, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a settlement agreement with an online coding school, resolving allegations...
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Massachusetts AG Announces Settlement with Auto Lender for Alleged Unfair and...
On May 27, 2021, the Massachusetts Attorney General’s Office (AG) announced that it had reached a settlement with a subprime auto lender resolving alleged violations of the state’s unfair and...
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Massachusetts AG Settles with Debt Collector for $2.25 Million
On September 7, 2021, the Massachusetts Attorney General (AG) announced that it reached a settlement with a debt collection company, resolving allegations that the company engaged in unfair and...
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North Carolina AG Permanently Enjoins Debt Settlement Business
On May 26, 2022, the North Carolina Attorney General (NC AG) announced that it obtained a default judgment against a California-based debt settlement business, and its proprietor. The lawsuit, filed...
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CFPB Reaches $3.7 Billion Settlement With National Bank to Resolve Alleged...
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...
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CFPB Seeks Dismissal of Complaint Filed by the U.S. Chamber of Commerce...
On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) moved for dismissal, or in the alternative partial summary judgment, of the complaint filed by the U.S. Chamber of Commerce in...
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CFPB Issues New Supervisory Highlights Report
On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the...
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CFPB Updates Exam Manual in Light of the United States District Court for the...
As previously reported, on September 8, 2023, the United States District Court of the Eastern District of Texas granted plaintiff U.S. Chamber of Commerce’s (the “Chamber”) motion for summary...
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CFPB Bemoans “Junk Fees” in Mortgage Servicing
On April 24, 2024, the CFPB released its Supervisory Highlights, Mortgage Servicing Edition, (Issue 33, Spring 2024) which provides insight on the CFPB’s current focus in examining mortgage loan...
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