On December 11, 2014, the Consumer Financial Protection Bureau (CFPB) issued a report and announced that it will be requiring major credit reporting agencies (CRAs) to provide regular reports to the CFPB identifying, by name, potentially problematic furnishers of information. In other words, the CFPB will be co-opting the major CRAs into helping the CFPB
As we previously reported here, the Consumer Financial Protection Bureau’s settlement with DriveTime provides several warnings to financial services institutions regarding their fair credit reporting and fair debt collection compliance. In a recent piece published in Law360, available here, Troutman Sanders attorneys Alan Wingfield, Paige Fitzgerald, and Nick Klaiber elaborated on their analysis
On December 11, the Consumer Financial Protection Bureau issued an advisory warning to consumers about student loan debt relief companies. While the CFPB warns all student borrowers, in distress or otherwise, to steer clear of companies with aggressive marketing tactics that make promises that they can save student borrowers thousands of dollars on student loan
On December 4, the Consumer Financial Protection Bureau asked a federal district court to approve a settlement with a New Jersey debt settlement firm that would require the firm to pay a fine of $69,075 for allegedly charging consumers illegal upfront fees for debt-settlement services they never received.
The proposed consent order was filed in
On December 4, 2014, West Virginia Attorney General Patrick Morrisey filed suit in Ohio County Circuit Court against a local businessman and his Wheeling, West Virginia businesses, alleging that they violated the Consumer Credit and Protection Act, the Safe Mortgage Licensure Act; and the Mortgage Lender, Broker and Servicer Act. A copy of the complaint
As we have been reporting since 2013, the Consumer Financial Protection Bureau’s attacks on what it considers discriminatory and subjective dealer pricing of finance rates should be seen as nothing less than an outright attempt to reshape the auto finance industry. These regulatory actions have continued in earnest through the present, as we’ve discussed
On Wednesday, December 3, 2014, New York Governor, Andrew Cuomo, announced new regulations aimed at “protect[ing] consumers against abusive and deceptive debt collection practices.” The press release issued by Governor Cuomo can be found here.
These regulations come from the New York Department of Financial Services and were first proposed in July 2013 and
On November 25, the United States District Court for the Eastern District of New York denied a plaintiff’s motion for a preliminary injunction barring U.S. Alliance Group (“USAG”) from paying “residual” credit card fee payments to one of its competitors, CardFlex. In 2008, CardFlex – an independent sales organization that processes credit card transactions –
The lending arm of Honda Motor Co., America Honda Finance Corp., has just revealed in a recent public filing that the U.S. Department of Justice and the Consumer Financial Protection Bureau have authorized an enforcement action against the company for violations of law arising out of its indirect lending practices. Honda stated that the CFPB
Massachusetts Attorney General Martha Coakley recently entered into a Consent Judgment with Beth Israel Deaconess Medical Center, Inc., related to a data breach that affected nearly 4,000 patients and employees.
“The healthcare industry’s increased reliance on technology makes it more important than ever that providers ensure patients’ personal information and protected health information is secure,”