Mortgage relief law firm to pay CFPB $39 million in settlement

On Wednesday, a Wisconsin federal judge approved a $39 million judgment against a now-defunct mortgage assistance relief law firm. The settlement resolves CFPB claims that The Mortgage Law Group LLP took advantage of struggling homeowners by tricking them into pay significant fee for loan modification assistance and other services that they never received. The [...]

By | 2017-06-24T15:40:46+00:00 June 23rd, 2017|Legal Developments, Mortgages|0 Comments

TransUnion to pay $60M for FCRA violations

A California federal jury found Tuesday that TransUnion, one of the nation’s three largest credit reporting agencies, violated the Fair Credit Reporting Act (FCRA) when it incorrectly conflated a class of consumers with similarly named terrorists and criminals from a government watch list. The jury awarded statutory and punitive damages exceeding $60 million, the [...]

By | 2017-06-21T22:09:57+00:00 June 21st, 2017|Credit Reporting Agencies, Legal Developments|0 Comments

Is surge in litigation taking its toll on CFPB?

On Wednesday, American Banker published an article taking a closer look at the recent rise in litigation at the CFPB. With the uncertain political climate and legal challenges that threaten to overhaul the Bureau's structure, funding, and day-to-day operations, more and more financial companies opted to push back against CFPB enforcement actions. According to the [...]

By | 2017-06-09T20:16:01+00:00 June 8th, 2017|Legal Developments|0 Comments

The CFPB v. PHH: What about RESPA?

The legal battle between PHH and the CFPB focuses primarily on whether the CFPB is a constitutionally structured independent agency – a decision on that issue is sure to have widespread implications for the entire financial services industry. There is, however, another issue which also carries a tremendous amount of weight for a major [...]

By | 2017-06-06T20:47:22+00:00 June 6th, 2017|Legal Developments|0 Comments

PHH files opening brief, asks court to eliminate CFPB

On March 10, 2017, PHH filed its opening brief with the DC Circuit and asked the court to “strike down the CFPB in its entirety.” Last month, the DC Circuit granted the CFPB’s petition for rehearing en banc following an October 2016 ruling by a three-judge panel court that declared the CFPB’s single-director-removable-only-for-cause structure unconstitutional. The [...]

By | 2017-03-13T07:30:50+00:00 March 13th, 2017|Legal Developments, Uncategorized|0 Comments

Wells Fargo settles two TCPA class action lawsuits for over $17 million

Last week, Wells Fargo settled two separate Telephone Consumer Protection Act (TCPA) class action lawsuits. Both cases were filed in federal court in Georgia. The first case was Luster v. Wells Fargo Dealer Services, Inc. et. al. (Case No. 15-cv-01058, N.D. GA). The second case was Prather v. Wells Fargo Bank, N.A. (Case No. 15-cv-04231, N.D. GA). […]

By | 2017-03-01T06:50:56+00:00 March 1st, 2017|Debt Collection, Legal Developments, 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
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