Top News

Nationstar Mortgage fined $1.75 million over alleged reporting errors

Mark Iandolo Mar. 29, 2017, 8:50am

Nationstar Mortgage LLC has been ordered by the Consumer Financial Protection Bureau (CFPB) to pay a record $1.75 million for allegedly failing to report mortgage transaction data.

Bill to limit use of forced arbitration clauses reintroduced

Jessica Karmasek Mar. 22, 2017, 1:14pm

U.S. Sens. Al Franken, D-Minn., and Patrick Leahy, D-Vt., along with U.S. Rep. Hank Johnson, D-Ga., reintroduced the Arbitration Fairness Act March 7. The legislation, previously introduced in 2011 and 2015, would eliminate forced arbitration clauses in employment, consumer, civil rights and antitrust cases.

CFPB, Dodd-Frank reforms won't happen soon, CFPB expert says

Karen Kidd Mar. 7, 2017, 9:54am

WASHINGTON (Legal Newsline) – Despite legislation to increase the number of Consumer Financial Protection Bureau's directors to five, and support noised by the White House, a consumer financial services attorney active in New York and Philadelphia says not to expect it soon.

When, how or will Trump change consumer protection bureau's leadership

Jessica Karmasek Feb. 27, 2017, 8:06am

Richard Cordray, a former Ohio attorney general, remains the head of the Consumer Financial Protection Bureau, considered a thorn in the side of many Republicans. Some experts say they are surprised President Donald Trump hasn’t yet given Cordray the boot.

Institutions should include CFPB's database in risk assessment

Tabitha Fleming Feb. 24, 2017, 8:27am

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau’s website could be used as a data-mining tool for plaintiffs attorneys, says Douglas Thompson of Bryan Cave.

Attorney: Teamwork necessary for CFPB, N.Y. attorney general to sue RD Legal Funding

David Hutton Feb. 22, 2017, 9:28am

WASHINGTON (Legal Newsline) – A company accused of scamming 9/11 heroes and NFL concussion victims is facing an uphill legal battle, according to one lawyer.

Consumer board targets law firms over alleged illegal fees

Mark Iandolo Feb. 16, 2017, 9:29am

WASHINGTON (Legal Newsline) —The Consumer Financial Protection Bureau (CFPB) announced Jan. 30 that it has filed a complaint in federal court against a group of law firms and attorneys who allegedly collaborated to charge illegal fees to consumers seeking debt relief.

MasterCard, UniRush to pay $13 million in penalties for alleged system breakdowns

Mark Iandolo Feb. 15, 2017, 9:22am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) has taken action against MasterCard and UniRush following allegations of system breakdowns that caused harm to tens of thousands of economically vulnerable RushCard users.

Consumer board targets Woodbridge Gold & Pawn for alleged customer deception

Mark Iandolo Feb. 14, 2017, 8:41am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Feb. 2 that, along with Virginia Attorney General Mark Herring, that it took action against Woodbridge Coins and Jewelry Exchange Inc., doing business as Woodbridge Gold & Pawn, for allegedly deceiving consumers about the actual annual costs of loans.

Officials say legal funding company scammed 9/11 heroes, NFL concussion victims

Mark Iandolo Feb. 14, 2017, 8:39am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Feb. 7 that, along with New York Attorney General Eric Schneiderman, it has filed a lawsuit against RD Legal LLC, two related entities and Roni Dersovitz, the companies’ founder and owner, for allegedly scamming 9/11 heroes and NFL concussion victims out of money.

Consumer board orders Prospect Mortgage to pay $3.5 million for alleged kickback scheme

Mark Iandolo Feb. 9, 2017, 1:09pm

WASHINGTON (Legal Newsline) —The Consumer Financial Protection Bureau (CFPB) announced Jan. 31 that Prospect Mortgage LLC will pay a $3.5 million civil penalty for allegedly paying illegal kickbacks for mortgage business referrals.

Consumer financial board alleges CityFinancial Servicing, CitiMortgage misled consumers

Mark Iandolo Feb. 2, 2017, 11:57am

WASHINGTON (Legal Newsline) —The Consumer Financial Protection Bureau (CFPB) announced Jan. 23 that it took separate actions against CitiFinancial Servicing and CitiMortgage Inc. for business practices involving struggling homeowners seeking options to save their homes.

Structured settlement company argues CFPB shouldn’t bring action against it in light of D.C. Circuit ruling

Jessica Karmasek Jan. 24, 2017, 12:15pm

The company, listed on the lawsuit as John Doe Company, filed the lawsuit against the Consumer Financial Protection Bureau and Director Richard Cordray in the U.S. District Court for the District of Columbia Jan. 10.

CFPB orders medical debt relief collection law firms to pay $577,135 to consumers

Mark Iandolo Jan. 19, 2017, 10:05am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Jan. 9 that it is ordering Works and Lentz Inc., Works and Lentz of Tulsa Inc., and their president, Harry A. Lentz Jr., to provide $577,135 in relief to consumers, correct their business practices and pay a $78,800 penalty for allegations of falsifying documents sent to consumers in the debt collection process.

CFPB targets Equifax, TransUnion, orders them to pay $23 million in penalties

Mark Iandolo Jan. 11, 2017, 10:20am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Jan. 3 that it took action against Equifax Inc., TransUnion and other subsidiaries for allegedly deceiving consumers about the cost and usefulness of the credit scores it sold.

Consumer board alleges Virginia pawnbrokers deceived consumers about loans

Mark Iandolo Jan. 5, 2017, 9:39am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced lawsuits Dec. 19 against four Virginia pawnbrokers that allegedly deceived consumers about the cost of loans.

CFPB unveils Consumer Credit Trends to provide consumers with historical lending trends

Mark Iandolo Jan. 5, 2017, 9:39am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Dec. 15 the unveiling of Consumer Credit Trends, a digital tool that will help consumers monitor developments in lending and forecast potential risks.

CFPB alleges Military Credit Services in Virginia violated federal laws

Mark Iandolo Jan. 5, 2017, 9:38am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced a lawsuit Dec. 20 against Military Credit Services LLC (MCS) for allegedly making loans with improper disclosures.

CFPB report on college-bank deals: Many schools more focused on bottom line, not students

Mark Iandolo Jan. 4, 2017, 9:05am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Dec. 14 a report detailing that costly fees and risky features often are attached to college-sponsored accounts.

CFPB blog post details key areas of 2017 focus for agency's fair lending department

Mark Iandolo Jan. 4, 2017, 8:52am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) released a blog post Dec. 16 by Patrice Ficklin of the fair lending department that details the key areas her team will focus on in 2017.