Top News

Letters urging fight against CFPB's arbitration rule could persuade senators

Chandra Lye Sep. 14, 2017, 1:01pm

WASHINGTON (Legal Newsline) – Letters sent to various Congress members regarding a proposed Consumer Financial Protection Bureau rule, which has been called a gift to plaintiffs lawyers, may hold some sway, according to one conservative think tank.

Financial board targets online lead aggregator for allegedly abusive practices

Mark Iandolo Sep. 11, 2017, 3:37pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Sept. 6 that it took action against Zero Parallel, an online lead aggregator, for allegedly steering consumers toward lenders that offered illegal or unlicensed loans that were void in the consumer’s state.

CFPB proposes penalty of $150,000 against Prime Marketing Holdings

Mark Iandolo Sep. 7, 2017, 9:25am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 30 that it has filed a proposed final judgment in federal court that seeks to resolve a credit repair practices lawsuit against Prime Marketing Holdings LLC.

Consumer Financial Protection Bureau sets new thresholds under Truth in Lending Act

Mark Iandolo Sep. 7, 2017, 9:22am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 30 that it has made its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act (TILA) regulations, based on the annual percentage change in the Consumer Price Index.

American Express subsidiaries pay total of $96 million in CFPB's discrimination case

Mark Iandolo Aug. 30, 2017, 7:34am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 23 that action against two American Express banking subsidiaries accused of discriminating against consumers in Puerto Rico, the U.S. Virgin Islands and other U.S. territories has resulted in $96 million in relief.

Consumer board amends 2015 updates to Home Mortgage Disclosure Act

Mark Iandolo Aug. 28, 2017, 3:31pm

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 24 that it has issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule.

Washington state secures debt relief for 2,000 Corinthian Colleges student loan victims

Mark Iandolo Aug. 22, 2017, 9:26am

OLYMPIA, Wash. (Legal Newsline) — Washington state Attorney General Bob Ferguson announced Aug. 17 that Aequitas Capital Management, a company in Lake Oswego, Oregon, will provide $7 million in debt relief to more than 2,000 Washington student loan borrowers.

CFPB unveils new Know Before You Owe overdraft disclosure prototypes

Mark Iandolo Aug. 17, 2017, 11:51am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 4 that it has unveiled its new Know Before You Owe overdraft disclosure prototypes, which were created to improve the model form that banks and credit unions already provide to consumers weighing overdraft coverage.

Consumer board orders JPMorgan to pay $4.6 million

Mark Iandolo Aug. 8, 2017, 7:59am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Aug. 2 that it has taken action against JPMorgan Chase Bank NA, ordering it to pay $4.6 million for alleged failures related to information it provides for checking account screening reports.

Senate Obamacare repeal failures warning sign for business and banking communities on rescinding anti-arbitration rule

W.J. Kennedy Jul. 29, 2017, 12:35pm

WASHINGTON (Legal Newsline) - Business and banking interests are working to ensure that an upcoming Senate attempt to rescind the Consumer Financial Bureau Protection’s (CFPB) anti-arbitration rule plays out differently than repeated failures by Senate Republicans to repeal any or all of Obamacare. And they are enlisting help on the state level to do it.

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.