Consumer Financial Protection Bureau

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Consumer Financial Protection Bureau News

Consumer financial board releases 5-year strategic plan, refocuses mission

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Feb. 12 that it has released a five-year Strategic Plan, which includes updates to its mission, strategic goals and strategic objectives.

California urges Trump administration to respect consumer board's independence

SACRAMENTO, Calif. (Legal Newsline) — California Attorney General Xavier Becerra announced Feb. 7 he has joined a coalition of 17 attorneys general in filing an amicus brief urging the Trump administration to respect the independence of the Consumer Financial Protection Bureau (CFPB).

RD Legal Funding asks for oral arguments as it fights lawsuit from CFPB, N.Y. AG

From
Pennsylvania Record

PHILADELPHIA – The disagreement over funding by third parties continues to play out in an exchange between Pennsylvania and New York federal courts, as one such company defends itself from New York Attorney General Eric Schneiderman and the Consumer Financial Protection Bureau.

Structured settlement company Future Income Payments behind suit against CFPB

WASHINGTON (Legal Newsline) – A previously anonymous company that filed suit against the Consumer Financial Protection Bureau (CFPB) last year has now been identified as Future Income Payments LLC (FIP), a company investigated by numerous states for questionable loan practices.

DOJ wants dismissal of lawsuit alleging uncertainty over Mulvaney's CFPB appointment

WASHINGTON (Legal Newsline) – The Department of Justice (DOJ) continues to maintain that a New York credit union shouldn’t be able to file a lawsuit challenging President Donald Trump’s appointment of Mick Mulvaney as acting director of the Consumer Financial Protection Bureau (CFPB).

Philly judge voids third-party funding in NFL concussion litigation, but company hopes N.Y. colleague disagrees

From
Pennsylvania Record

PHILADELPHIA – A Philadelphia federal judge says agreements in which RD Legal Funding advanced money to plaintiffs in the pending NFL concussion litigation are void, but the attorney representing RD Legal has asked a judge in New York to ignore that finding.

Consumer board fines Xerox $1.1 million For flawed software

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has issued Xerox Business Services LLC, now Conduent Business Services, a $1.1 million civil penalty for its failed software, which allegedly led to incorrect consumer information being sent to credit reporting agencies.

Consumer board orders Citibank to pay $3.75 million for alleged illegal student loan practices

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is ordering Citibank NA, to pay $3.75 million in compensation to consumers as well as pay a $2.75 million civil penalty for illegal student loan servicing practices.

Consumer board will not require resubmission of certain data for HMDA reporting

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Dec. 21 the issuance of a public statement about its intention not require the resubmission of certain data for Home Mortgage Disclosure Act (HMDA) reporting in 2018 and 2019.

Kansas leads coalition supporting president's authority to select CFPB acting director

TOPEKA, Kansas (Legal Newsline) — Kansas Attorney General Derek Schmidt announced Dec. 20 that he joined 12 other attorneys general in filing a brief in the U.S. District Court for the District of Columbia arguing that only the president has the legal authority to select the acting director of the Consumer Financial Protection Bureau (CFPB).

Former employees claim The Money Source Inc. terminated them for complaints about alleged violations

NEW YORK (Legal Newsline) – Three New York residents allege that a Melville, New York mortgage lending business made false representations in order to recruit them.

Federal judge refuses to block Trump’s designation of Mulvaney as interim head of CFPB

Judge Timothy J. Kelly for the U.S. District Court for the District of Columbia, according to a minute order and entry on the case docket, denied Leandra English’s emergency motion for temporary restraining order after a motion hearing held Tuesday.

Legal battle brewing over CFPB acting director

On Sunday, Leandra English, named the deputy director of the Consumer Financial Protection Bureau by former director Richard Cordray, filed a federal lawsuit against President Donald Trump to block his naming of Office of Management and Budget Director Mick Mulvaney as the bureau’s acting director.

Consumer board alleges financial company collected on loans not owed

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced a lawsuit Nov. 15 against Think Finance for allegedly deceiving consumers into repaying loans that they never actually owed.

Richard Cordray won't be around to see the court decision that would have got him fired

Richard J. Andreano Jr., an attorney at Ballard Spahr LLP, said the U.S. Court of Appeals for the District of Columbia’s pending decision in PHH Corporation v. CFPB, which could be handed down any day, likely will strongly influence how other courts address the Consumer Financial Protection Bureau structure issue.

Virginia companies' lawsuit accuses CFPB of regulatory overreach

WASHINGTON (Legal Newsline) – Two Virginia companies are suing the Consumer Financial Protection Bureau over its investigatory practices, alleging that the federal agency exceeded its authority and engaged in bullying tactics.

Cordray plans to step down as CFPB head at month’s end

Richard Cordray, who has served as the executive director of the Obama-era watchdog agency since its creation in 2010, made the announcement in an email message to colleagues Wednesday.

Consumer board accuses Freedom Debt Relief of alleged deception

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Nov. 8 that it has filed a lawsuit against Freedom Debt Relief, the biggest debt settlement company in the United States, for allegations of deceiving consumers. The lawsuit also named co-CEO Andrew Housser as a defendant.

Senate urged to pass legal reform bills; Dems opposed, still mourning arbitration rule

WASHINGTON (Legal Newsline) - A two-hour hearing on frivolous lawsuits before a U.S. Senate committee may have lacked focus on pending legislation but did produce a few noteworthy moments - including Sen. Al Franken’s assertion that there are “bad actors” filing meritless lawsuits, though he is opposed to the reforms presented.

CFPB seeks order for Nexus to comply with civil investigative demand

WASHINGTON (Legal Newsline) – Two Virginia companies are alleged to have failed to comply with a federal bureau's request for information.