Consumer Financial Protection Bureau (CFPB)

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A California district court approved a settlement between Prime Marketing Holdings LLC and the Consumer Financial Protection Bureau, whereby Prime Marketing agreed to pay $150,000 and be banned from offering credit repair services.  The settlement was a result of the CFPB’s September 2016 suit against Prime Marketing for allegedly misleading consumers and charging …

On August 25, the United States District Court for the Northern District of Georgia struck four counts of a complaint filed by the Consumer Financial Protection Bureau because it failed to abide by the Court’s discovery order.

This matter began on March 26, 2015, when the CFPB filed a complaint against 12 debt collectors, four…

The Consumer Financial Protection Bureau recently released a Compliance Bulletin regarding fees that companies may charge consumers when they pay by phone.

The Bulletin highlights certain practices related to phone payment fees that may violate the Dodd-Frank Act’s prohibition on committing unfair, deceptive, or abusive acts and practices (UDAAPs), including:

  • Failing to disclose all available

…

Twenty-one Democratic state attorneys general wrote to Senate leaders Mitch McConnell and Charles Schumer to express their opposition to S.J. Res. 47, which would nullify the Arbitration Rule issued by the Consumer Financial Protection Bureau under the Congressional Review Act.  The AGs requested that both senators oppose the Joint Resolution of Disapproval …

Financial professionals often recommend a reverse mortgage loan as a way to delay claiming Social Security benefits.  A reverse mortgage, federally insured through the Federal Housing Association’s (“FHA”) Home Equity Conversion Mortgage Program (“HECM”), allows homeowners age 62 and older to borrow against the equity in their homes and defer payment of the loan until…

On August 16, Minnesota Attorney General Lori Swanson announced the filing of a lawsuit against two pension advance companies alleged to have preyed on veterans and senior citizens, convincing borrowers into signing over large portions of their monthly pensions in exchange for small loans to cover household emergencies and basic living expenses.

The suit, filed…

On August 17, the Consumer Financial Protection Bureau filed a complaint and proposed settlement against Aequitas Capital Management, Inc. and its related entities, alleging that the loan buyer aided the Corinthian Colleges’ predatory lending scheme.  According to the Bureau, Aequitas enabled Corinthian to make high-cost private loans to Corinthian students, giving the impression that the…

We are pleased to announce that Troutman Sanders Partner Ashley Taylor will be a featured speaker at the American Bar Association State and Local 2017 Annual Meeting taking place on August 10, 2017.

Ashley will participate in the State Attorneys General and Department of Justices Issues Committee meeting tomorrow to discuss state Attorneys General work…

On July 20, Pennsylvania Attorney General Josh Shapiro announced the creation of a Consumer Financial Protection Unit to protect Pennsylvanians from “financial scams.”

According to Shapiro’s announcement, the new unit will focus on lenders and mortgage and student loan servicers that “prey on seniors, families with students, and military service members.”  This new consumer unit…

The Consumer Financial Protection Bureau recently released a “special edition” of its standard monthly complaint report.  The report gives statistics on the number and types of complaints received by the CFPB, both nationally and broken down by state.  By providing data on all fifty states and the District of Columbia, the CFPB gives consumers and…