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|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|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|0 Comments

CFPB sues four online payday lenders for collecting debts not legally owed

Today, the CFPB announced that it filed a lawsuit against four online payday lenders for allegedly collecting on debts that were not legally owed. According to the CFPB’s complaint, the lenders could not legally collect on the debts because the loans were void under state laws governing interest rate caps or the licensing of lenders. [...]

By | 2017-04-27T08:38:01+00:00 April 27th, 2017|0 Comments

CFPB fines auto lender for violating 2015 consent order

On April 26, the CFPB announced that it had issued a $1.25 million civil money penalty against Security National Automotive Acceptance Company (SNAAC), an auto finance company that specializes in lending to service members, for allegedly violating an October 2015 consent order. According to the Bureau, SNAAC failed to comply with the Bureau’s 2015 consent [...]

By | 2017-04-27T07:13:19+00:00 April 27th, 2017|0 Comments

20 states, CFPB take action against Ocwen for mortgage servicing violations

Last week, over 20 state mortgage regulators issued joint cease-and-desist orders to Ocwen Financial and Ocwen Loan Servicing for alleged widespread issues with consumer escrow accounts and allegations that Ocwen and its subsidiaries were conducting “willful and ongoing unlicensed activity” in certain states. A committee of state mortgage regulators, called the Multi-State Mortgage Committee, agreed to [...]

By | 2017-04-24T06:42:29+00:00 April 24th, 2017|0 Comments

CFPB files lawsuit against debt collection law firm

On April 17, 2017, the CFPB announced that it had filed a lawsuit in federal district court against a debt collection law firm for allegedly misrepresenting the level of attorney involvement in demand letters and phone calls placed to consumers. According to the Bureau, the law firm Weltman, Weinberg & Reis (WWR) falsely represented in [...]

By | 2017-04-19T07:22:29+00:00 April 19th, 2017|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|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|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|0 Comments