CFPB fines four California credit repair companies for misleading consumers

Today, the CFPB issued a press release announcing that it filed two complaints and a proposed final judgment in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, and Park View Law. According to the Bureau, the four California-based credit-repair companies misled consumers and charged illegal upfront fees for so-called credit [...]

By | 2017-06-27T21:54:41+00:00 June 27th, 2017|CFPB Enforcement, Debt Relief, Enforcement Action|0 Comments

The case for overhauling the CFPB

Earlier this month, the Treasury Department issued a report with recommendations designed to ease regulations imposed on the financial services industry by restructuring major provisions of the Dodd-Frank Act, which was passed in 2010 in response to the financial crisis. The report came less than a week after the House passed the Financial CHOICE [...]

By | 2017-06-26T23:18:42+00:00 June 26th, 2017|CFPB Enforcement, CFPB Rulemaking, Politics|0 Comments

Cordray responds to accusations that CFPB botched Wells Fargo investigation

On June 6, 2017, the House Financial Services Committee issued a report criticizing CFPB Director Richard Cordray for the Bureau’s handling of the Wells Fargo fake account scandal. Republican Committee members allege in the report that Cordray lied about the Bureau’s involvement in the investigation during April testimony before Congress and that the CFPB [...]

By | 2017-06-16T20:03:29+00:00 June 16th, 2017|CFPB Enforcement, Politics|0 Comments

CFPB hits Experian with $3 million fine

On March 23, 2017, the CFPB announced in a press release that it had entered into a consent order with Experian to resolve allegations that the credit reporting agency had misrepresented the credit scores it marketed and sold to consumers. Under the terms of the consent order, Experian will pay a civil money penalty of [...]

By | 2017-03-24T07:01:08+00:00 March 24th, 2017|CFPB Enforcement, Uncategorized|0 Comments

CFPB fines Nationstar $1.75 million for HMDA violations

On March 15, 2017, Nationstar Mortgage entered into a consent order with the CFPB to resolve alleged violations of the Home Mortgage Disclosure Act (HMDA). Nationstar will pay a $1.75 million civil money penalty for what the CFPB has termed “persistent and substantial reporting errors” that occurred between 2012 and 2014. According to the Bureau, [...]

By | 2017-03-15T12:30:14+00:00 March 15th, 2017|CFPB Enforcement, Mortgages, Uncategorized|0 Comments

DC Circuit grants rehearing in PHH v. CFPB

Today, the DC Circuit granted the CFPB’s petition for rehearing en banc regarding a ruling issued last October by a three-judge panel that declared the CFPB’s structure unconstitutional. The court ordered that the panel’s October 11, 2016 judgment be vacated. The court also set a briefing schedule: PHH must submit its opening brief by March 10. [...]

By | 2017-02-16T12:48:11+00:00 February 16th, 2017|CFPB Enforcement, Legal Developments, Uncategorized|0 Comments

CFPB sues company that scammed 9/11 first responders out of millions in payouts from victim compensation funds

On February 7, 2017, the CFPB and New York Attorney General filed a lawsuit against a New Jersey-based law firm and its owner for allegedly engaging in deceptive business practices and false advertising that lured 9/11 first responders and NFL concussion victims into obtaining costly cash advances on lawsuit and settlement payouts. New York Attorney [...]

By | 2017-02-07T17:25:22+00:00 February 7th, 2017|CFPB Enforcement, Enforcement Action, Uncategorized|0 Comments

CashCall to pay $15 million settlement for illegal Virginia online lending scheme

On January 31, the Virginia Attorney General issued a press release announcing a settlement with CashCall, Inc., a small-dollar online lender that allegedly engaged in illegal lending practices. According to the Virginia Attorney General’s complaint, CashCall engaged in a “rent-a-tribe” scheme, using a South Dakota company with a purported Native American tribe affiliation called Western Sky [...]

By | 2017-02-06T07:19:28+00:00 February 6th, 2017|CFPB Enforcement, Enforcement Action, Payday Loans, Uncategorized|0 Comments

CFPB fines Prospect Mortgage $3.5 million for illegal kickbacks scheme

On January 31, the CFPB fined Prospect Mortgage $3.5 million for allegedly paying illegal kickbacks for mortgage business referrals. The CFPB also took action against Keller Williams Realty Mid-Willamette, ReMax Gold Coast, and Planet Home Lending for accepting illegal kickbacks from Prospect Mortgage. The CFPB alleged that the entities engaged in various practices involving illegal [...]

By | 2017-02-06T05:37:44+00:00 February 6th, 2017|CFPB Enforcement, Enforcement Action, Mortgages, Uncategorized|0 Comments

CFPB sues Virginia pawnbroker for inaccurate APR disclosures

On February 2, the CFPB and Virginia Attorney General filed a lawsuit in federal court against Woodbridge Coins and Jewelry Exchange, Inc., doing business as Woodbridge Gold & Pawn (Woodbridge). Woodbridge’s principal place of business is in Woodbridge, Virginia. Woodbridge operates as a pawnbroker, issuing closed-end loans secured by personal property. The complaint alleges that Woodbridge’s [...]

By | 2017-02-02T15:52:07+00:00 February 2nd, 2017|CFPB Enforcement, Enforcement Action, Pawn Loans, Uncategorized|0 Comments
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