Top News

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.

Attorney: ‘Very likely’ CFPB will finalize proposed arbitration rules before Obama’s departure

Jessica Karmasek Dec. 29, 2016, 9:01am

President-Elect Donald Trump and Vice President-Elect Mike Pence are to be inaugurated Jan. 20. The Consumer Financial Protection Bureau is expected to issue its final set of rules prohibiting arbitration clauses that prevent class action lawsuits by then.

CEI, in agenda for new Congress, pushes lawmakers to rein in federal agencies

Jessica Karmasek Dec. 13, 2016, 1:19pm

The Competitive Enterprise Institute’s congressional agenda, which was released last week, focuses on eight policy areas, including regulatory reform and agency oversight, banking and finance, and labor and employment, among other topics.

CFPB orders three reverse mortgage companies to cease alleged deceptive practices and pay penalties

Mark Iandolo Dec. 13, 2016, 9:53am

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced Dec. 7 that it has ordered American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial to stop alleged deceptive advertising practices, implement systems to ensure they are complying with all laws, and pay penalties.

CFPB wants Zero Parallel to comply with civil investigative demand

Louie Torres Dec. 7, 2016, 9:09am

LOS ANGELES (Legal Newsline) — The U.S. Consumer Financial Protection Bureau is suing a California business, alleging breach of contract and violation of federal law.

Consumer bureau warns financial companies of mismanaged employee incentive programs

Mark Iandolo Dec. 2, 2016, 8:52am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) issued a bulletin Nov. 28 warning supervised financial companies that creating incentives for employees and service providers to meet sales and other business goals can lead to consumer harm if not properly managed.

Consumer bureau targets Access Funding for alleged lead-paint poisoning scam

Mark Iandolo Dec. 2, 2016, 8:50am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Nov. 21 the filing of a complaint in federal district court against Access Funding LLC, alleging the company conducted an illegal scheme to scam victims of lead-paint poisoning.

Wells Fargo wants plaintiffs in class action over sales practices to submit claims to arbitration

Jessica Karmasek Dec. 1, 2016, 4:36pm

The bank filed its motion to compel and a 16-page memorandum in support in the U.S. District Court for the District of Utah, Central Division, Nov. 23.

CFPB launches inquiry into challenges consumers face in using their financial records

Mark Iandolo Nov. 29, 2016, 9:24am

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced Nov. 17 that it is launching an inquiry into the challenges consumers face in finding and securely sharing their financial records.

CFPB alleges Virginia pawnbroker's loans violate federal law

Wadi Reformado Nov. 22, 2016, 11:28pm

RICHMOND, Va. (Legal Newsline) – A federal agency alleges a Fredericksburg, Virginia, corporation failed to disclose certain terms on its contracts.

CFPB, Schneiderman team for lawsuit

Mark Iandolo Nov. 16, 2016, 9:48am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced a lawsuit Nov. 2 filed in partnership with New York Attorney General Eric T. Schneiderman against the leaders of an allegedly massive debt collection scheme based in Buffalo, New York.

Consumer board releases Project Catalyst innovation report

Legal News Line Nov. 10, 2016, 11:48am

TOPEKA, Kan. (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) recently announced a report highlighting various market developments that have the potential to produce benefits for consumers.

CFPB details $11 million in supervisory actions for thousands of consumers in recent report

Legal News Line Nov. 8, 2016, 7:36am

WASHINGTON (Legal Newsline) – The Consumer Financial Protection Bureau (CFPB) announced Oct. 31 a Supervisory Highlights report that shows how the agency’s recent supervisory actions have returned more than $11 million to more than 225,000 consumers allegedly harmed by college loan servicers.

Cordray letter about gender identity discrimination not a rule, former CFPB official says

Karen Kidd Nov. 3, 2016, 3:08pm

When Consumer Financial Protection Bureau (CFPB) Director Richard Cordray wrote a letter in August, giving the bureau's views about whether credit discrimination on the basis of gender identity and sexual orientation violates the Equal Credit Opportunity Act (ECOA), it prompted speculation.