Top News

Consumer Financial Protection Bureau accuses Seila Law of failing to comply with investigation

Louie Torres Jul. 19, 2017, 10:24am

A government agency is suing Seila Law LLC, a law firm, for alleged violation of federal law.

Consumer board seeks comment on proposed updates to prepaid rule

Mark Iandolo Jun. 19, 2017, 1:24pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced June 15 that it is seeking comment on proposed updates to its prepaid rule.

Consumer board encourages credit card companies to use more transparent promotions

Mark Iandolo Jun. 15, 2017, 8:00am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced June 8 that it has sent letters to top retail credit card companies encouraging them to consider using more transparent promotions.

Massachusetts joins coalition opposing the Financial CHOICE Act of 2017

Mark Iandolo Jun. 14, 2017, 9:16am

BOSTON (Legal Newsline) — Massachusetts Attorney General Maura Healey announced June 7 that she has joined a coalition of 20 attorneys general in opposing a federal bill that would cut the role of the Consumer Financial Protection Bureau (CFPB).

Consumer board penalizes Fay Servicing $1.15 million for alleged mortgage servicing violations

Mark Iandolo Jun. 14, 2017, 9:14am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced June 7 that it took action against Fay Servicing, a mortgage servicer based in Chicago, for allegations of failing to provide mortgage borrowers with federally mandated protections against foreclosure.

Customers sue legal finance company, allege interest rates over 100 percent

John O'Brien May 10, 2017, 12:03pm

DUBLIN, Ga. (Legal Newsline) - Companies like Oasis Legal Finance, which offer lump sums of money to plaintiffs in exchange for a possible payoff, are used to defending the legality of their agreements to state regulators and lawmakers. But now they are facing a challenge from their own customers.

Consumer board settles with auto lender for $1.25 million after allegations of violating consent order

Mark Iandolo May 3, 2017, 10:04am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 26 that it has ordered Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to service members, to pay $1.25 million and make good on a previous consent order after the company allegedly violated a CFPB consent order.

Consumer board alleges student loan, mortgage services often violate law

Mark Iandolo May 1, 2017, 3:10pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 26 that some recent supervisory work revealed some student loan and mortgage services have been violating the law in failing to provide struggling borrowers with legal protections.

Consumer financial board issues proposal to facilitate compliance with 2015 HMDA rule

Mark Iandolo Apr. 18, 2017, 8:52am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 13 that it has issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule.

New York joins coalition urging Congress to support CFPB's Final Rule on prepaid cards

Mark Iandolo Apr. 12, 2017, 9:21am

NEW YORK (Legal Newsline) — New York Attorney General Eric T. Schneiderman announced April 5 that he has joined a coalition of attorneys general in urging Congress to oppose three resolutions that could strike down the Consumer Financial Protection Bureau’s (CFPB) Final Rule regarding prepaid cards.

Georgia AG applauds DOJ brief that faults CFPB's governing structure

Mark Iandolo Apr. 10, 2017, 12:37pm

Georgia Attorney General Chris Carr has expressed support for a recent Department of Justice amicus brief taking issue with the governing structure of the Consumer Financial Protection Bureau (CFPB).

Experian fined $3 million for alleged deceptive use of credit scores

Mark Iandolo Apr. 10, 2017, 12:32pm

The Consumer Financial Protection Bureau (CFPB) has fined Experian and its subsidiaries $3 million for allegedly deceiving consumers about the use of credit scores sold to consumers.

Kansas AG joins multi-state coalition against CFPB

Mark Iandolo Mar. 30, 2017, 9:57am

Kansas Attorney General Derek Schmidt has joined the attorneys general of 14 other states in filing a brief with the U.S. Court of Appeals for the District of Columbia arguing that the current setup of the Consumer Financial Protection Bureau (CFPB) violates the Constitution.

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.