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 set to begin 5-year review of mortgage rules

Earlier this week, Chris D’Angelo, the CFPB’s Associate Director of Supervision, Enforcement and Fair Lending, discussed the CFPB’s plans to initiate its review of major mortgage regulations, including the qualified mortgage rule which established standards for lenders to follow to ensure that borrowers have the ability to repay their mortgages. According to the Dodd-Frank Act, [...]

By | 2017-03-23T06:48:14+00:00 March 23rd, 2017|Mortgages, Uncategorized|0 Comments

House engages in heated debate about constitutionality of the CFPB

On March 21, 2017, the House Financial Services Committee’s Subcommittee on Oversight and Investigations conducted a hearing entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.” The hearing featured four witnesses: Ted Olson, Saikrishna Prakash, Adam White, and Brianne Gorod. The hearing is archived and can be viewed here. Rather than allowing the witnesses to [...]

By | 2017-03-22T07:15:07+00:00 March 22nd, 2017|Politics, Uncategorized|0 Comments

House subcommittee to hold hearing on CFPB’s constitutionality

On March 21, 2017, the Subcommittee on Oversight and Investigations of the House Committee on Financial Services will hold a hearing entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.” Based on the title of the hearing, isn’t hard to guess where the committee stands on the issue of the CFPB’s authority and constitutionality. According to [...]

By | 2017-03-20T06:59:02+00:00 March 20th, 2017|Politics, Uncategorized|0 Comments

FTC orders telemarketing scheme operators to pay $7.5 million in consumer redress

On March 13, 2017, the FTC issued a press release announcing that it reached a settlement with the operators of a telemarketing scheme that had allegedly harmed thousands of consumers across the country. According to the FTC, many of the consumers targeted by the scheme were elderly individuals or military veterans living on fixed income. [...]

By | 2017-03-16T07:00:02+00:00 March 16th, 2017|FTC 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

North Carolina court enters $35 million judgment against illegal debt relief companies

On March 9, 2017, the North Carolina Attorney General (AG) issued a press release announcing that a North Carolina Superior Court had issued a ruling against three debt relief companies. The court permanently banning the companies from advertising or performing any debt relief services, legal services or any related services in North Carolina and entered [...]

By | 2017-03-14T07:34:07+00:00 March 14th, 2017|Debt Relief, Enforcement Action, Uncategorized|0 Comments

CFPB proposes delay to Prepaid Card Rule effective date

On March 9, 2017, the CFPB released a proposal to delay the effective date of its final rule govern prepaid accounts by six months. This proposal will push the effective date back from October 1, 2017 to April 1, 2018. Through ongoing discussions with companies in the prepaid industry, CFPB staff learned that some industry [...]

By | 2017-03-13T11:46:27+00:00 March 13th, 2017|CFPB Rulemaking, Prepaid Cards, Uncategorized|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
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