Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a consent decree with a former mortgage loan officer arising out of alleged violations of the Real Estate Settlement Procedures Act’s (RESPA) anti-kickback laws and Dodd-Frank’s prohibition on unfair, deceptive or abusive acts or practices (UDAAP).
The American Bankers Association has sent a comment letter to the CFPB challenging the Bureau’s use of the generic clearance process to conduct research in connection with its overdraft rulemaking.
The Consumer Financial Protection Bureau (“CFPB”) took another step in addressing concerns about student loan servicing.
CFPB May 2016 Complaint Report Highlights Credit Reporting Complaints, Complaints from New Mexico Consumers
The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting and complaints from consumers in New Mexico and the Albuquerque metro area. The CFPB began taking complaints about credit reporting in October 2012.
Recent initiatives by the CFPB to dramatically expand its regulation of small business lending present a confluence of concerns to industry participants.
Vermont Federal District Court Rules CFPA Does Not Provide Private Right of Action for Alleged Usurious Loans; Denies Motion to Dismiss EFTA Claim
A Vermont federal district court recently issued a decision ruling on the defendants’ motion to dismiss a class action involving allegations that an online tribal lending venture violated federal and state law because of alleged usurious interest rates and other allegedly unlawful features.
On May 16, 2016, the U.S. Supreme Court unanimously held in Sheriff v. Gillie that an independent contractor to the Ohio Attorney General (OAG) did not mislead consumers in violation of the Fair Debt Collection Practices Act (FDCPA) when it used the OAG’s letterhead in correspondence with consumers in collecting debts owed to the State of Ohio.
The CFPB recently announced that it has launched official Spanish-language Twitter and Facebook accounts.