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Category Archives: CFPB Enforcement

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CFPB settles FDCPA claims against debt collection law firms

Posted in CFPB Enforcement, Debt Collection

The CFPB announced that it has entered into a consent order with two law firms specializing in the collection of medical debts and their president for alleged FDCPA violations.  The consent order also settles allegations that the respondents violated Regulation V (which implements the Fair Credit Reporting Act).  The consent order requires the respondents to… More >

Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB

Posted in CFPB Enforcement

Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities law on the grounds that the SEC’s administrative law judge (ALJ)  who conducted the proceeding was unconstitutionally appointed.  The Tenth Circuit held… More >

State AGs seek to intervene in CFPB enforcement action to modify settlement terms

Posted in CFPB Enforcement, State Enforcement

The Attorneys General for the states of Connecticut, Indiana, Kansas, and Vermont recently took the unusual step of filing a joint motion to intervene to modify the settlement terms of a CFPB enforcement action. The motion was filed in the CFPB’s action filed in a New York federal district court in December 2014 against Sprint… More >

PHH replies to CFPB’s opposition to PHH’s motion for leave to file supplemental response

Posted in CFPB Enforcement, Mortgages

PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the CFPB’s petition with the D.C. Circuit.  The D.C. Circuit had invited the Solicitor General to file… More >

CFPB opposes PHH’s motion for leave to file supplemental response to petition for rehearing en banc

Posted in CFPB Enforcement, Mortgages

The CFPB has opposed the motion filed by PHH for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the CFPB’s petition with the D.C. Circuit.  The D.C. Circuit had invited the Solicitor General to file a response expressing… More >

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

Posted in CFPB Enforcement, Mortgages

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States and entered an order requiring both PHH and the SG to file their responses by December 22…. More >

CFPB settles with military financing company for alleged TILA/EFTA disclosure violations

Posted in CFPB Enforcement, Military Issues

The CFPB announced that it has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements violated the Truth in Lending Act and the Electronic Fund Transfer Act.  MCS had entered into a consent order with the CFPB… More >

CFPB sues four pawnbrokers for alleged TILA and CFPA violations

Posted in CFPB Enforcement

The CFPB announced that it has sued four Virginia-based pawnbrokers in lawsuits filed in a Virginia federal district court for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with closed-end “pawn” loans made by the companies.  The defendants are: Spotsylvania Gold & Pawn, Inc.; Fredericksburg Pawn, Inc.;… More >

CFPB enters into consent order with lender to settle claims alleging deceptive advertising and collection letters, unauthorized electronic transfers

Posted in CFPB Enforcement

The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written authorization for electronic repayments.  The consent order requires the company to pay approximately $255,000 in consumer redress and a civil money… More >

D.C. Circuit to hold Feb. 2 argument on CFPB authority to issue CID to college accrediting organization

Posted in CFPB Enforcement

The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015. After denying ACICS’s petition to modify… More >

D.C. Circuit: Solicitor General and PHH can respond by Dec. 22 to CFPB’s petition for rehearing en banc

Posted in CFPB Enforcement, Mortgages

The D.C. Circuit has entered an order that provides the response of the United States to the CFPB’s petition for rehearing en banc is due by December 22, 2016.  The order also provides that PHH can file its response by December 22. In an order filed on November 23, 2016, the D.C. Circuit required PHH… More >

Innovation versus consumer protection: emerging battle lines

Posted in CFPB Enforcement, Technology

The announcement by the Office of the Comptroller of Currency that it will allow financial technology (fintech) companies to apply for national bank charters as way of fostering “responsible innovation” has already drawn fire from the New York Department of Financial Services (DFS) and the Conference of State Bank Supervisors (CSBS).   In their statements responding… More >

CFPB enters into consent orders with reverse mortgage companies to settle alleged advertising violations

Posted in CFPB Enforcement, Mortgages

The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and Practices-Advertising Rule (Regulation N) and the Consumer Financial Protection Act.  Each of the consent orders requires payment of a civil money penalty to… More >

Members of Congress, consumer advocates file amicus briefs supporting CFPB’s petition for rehearing en banc in PHH case

Posted in CFPB Enforcement, Mortgages

A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision in CFPB v PHH Corporation. Under D.C. Circuit Rules, “[n]o amicus curiae brief in response to… More >

CFPB issues bulletin on incentive programs; Ballard Spahr to conduct Dec. 14 webinar

Posted in CFPB Enforcement, CFPB Exams

The CFPB has issued a new compliance bulletin (2016-03) on incentive programs.  The issuance of the bulletin reflects the CFPB’s increased focus on such programs. To assist clients in preparing for greater regulatory scrutiny, Ballard Spahr attorneys will conduct a webinar on December 14, 2016, from 12 p.m. to 1 p.m. ET: “Controlling Employee Conduct:… More >

CFPB’s proposed disclosure rule represents unconstitutional prior restraint on speech

Posted in CFPB Enforcement

The CFPB’s proposed amendments to its rule on the disclosure of records and information is the subject of a blog post written by Ballard Spahr attorneys Burt M. Rublin and Daniel L. Delnero for the Washington Legal Foundation. Entitled “CFPB Proposal Unconstitutionally Imposes Prior Restraint on Regulated Entities’ Speech,” the blog post focuses on a… More >

D.C. Circuit orders PHH to respond to CFPB’s petition for rehearing en banc; invites response from Solicitor General

Posted in CFPB Enforcement, Mortgages

The D.C. Circuit has entered an order directing PHH Corporation to file a response to the CFPB’s petition for rehearing en banc in CFPB v. PHH Corporation. The order, filed November 23, 2016, requires PHH to file its response within 15 days.  It also invites the Solicitor General to file a response to the petition… More >

CFPB files lawsuit against structured settlement purchaser

Posted in CFPB Enforcement

The CFPB has filed a lawsuit in a Maryland federal district court against: (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers; (2) Access’ managing member limited liability company and Access’ successor limited liability company; (3) three individual principals of Access; and (4) an attorney who allegedly provided advisory… More >

Election results portend significant changes for CFPB; Ballard Spahr to conduct Nov. 30 webinar

Posted in CFPB Enforcement, CFPB People, CFPB Rulemaking

As a result of Donald J. Trump’s election as President, coupled with the Democrats’ failure to wrest control of the House or Senate from the Republicans, the CFPB can be expected to undergo significant changes that are likely to have the effect of reducing the agency’s impact. On November 30, 2016, from 2 p.m. to 3… More >

CFPB files lawsuit against pawnbroker for alleged TILA and CFPA violations

Posted in CFPB Enforcement

The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with closed-end consumer loans made by the company.  While the complaint only describes the loans as closed-end loans secured by… More >