Consumer Financial Protection Bureau (CFPB)

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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…

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…

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…

The Consumer Financial Protection Bureau has announced that it will hold a field hearing on medical debt collection in Oklahoma City, Oklahoma on December 11 at 11:00 a.m. CST.

According to the CFPB, the hearing will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of…

On November 13, the Consumer Financial Protection Bureau ordered a California mortgage lender to pay $730,000 for allegedly paying its loan originators compensation based on loan terms.  The CFPB has asked the United States District Court for the Central District of California to approve a consent order requiring the company to end its allegedly illegal…

In March 2014, the Federal Trade Commission issued a bulletin entitled Background Checks: What Job Applicants and Employees Should Know, which set forth and summarized a number of the laws and regulations on the use of employment background checks, both prior to and subsequent to hiring.

In November, the FTC issued a second such…

A group of 16 state attorneys general recently wrote Richard Cordray, head of the Consumer Financial Protection Bureau, a letter encouraging the CFPB to take immediate action to crack down on pre-dispute mandatory arbitration clauses in consumer agreements for financial products or services.  Specifically, while acknowledging that additional actions may be necessary to “fully address…