Top News

'Secret analysis' pushing CFPB's lawyer-friendly rule, U.S. senators told

John O'Brien Oct. 20, 2017, 9:30am

WASHINGTON (Legal Newsline) - A federal agency is keeping its research secret as it forces a controversial rule that will harm consumers and businesses alike, a fellow regulator is telling members of a U.S. Senate committee.

Controversial rule would increase interest rates to create lawsuits, OCC head tells CFPB

John O'Brien Oct. 19, 2017, 8:14am

WASHINGTON (Legal Newsline) – A battle of opinions has broken out between the heads of two regulatory bodies, with the Comptroller of the Currency criticizing a controversial rule that he says will increase costs in the financial services industry for the sake of creating lawsuits.

Lawsuit: CFPB’s anti-arbitration rule will mean ‘significant’ costs for businesses

Jessica Karmasek Oct. 17, 2017, 1:35pm

More than a dozen groups, including the U.S. Chamber of Commerce, American Financial Services Association and Financial Services Roundtable, filed a lawsuit Sept. 29 in the U.S. District Court for the Northern District of Texas, Dallas Division, against the Consumer Financial Protection Bureau’s new rule, finalized in July.

Trustee, U.S. Bank poke noses in CFPB's $21M student loan settlement

Angela Underwood Oct. 17, 2017, 9:25am

WILMINGTON, Del. (Legal Newsline) – Two financial agencies have filed motions to intervene in a federal agency's $21.6 million settlement with student loan trusts over allegations of illegal debt collection.

Ocwen Financial on CFPB suit: Complaint 'riddled with pleading deficiencies,' should be dismissed

Dee Thompson Oct. 12, 2017, 10:02am

WEST PALM BEACH, Fla. (Legal Newsline) – A mortgage company under fire for its loan practices has filed a motion to dismiss, alleging the Consumer Financial Protection Bureau (CFPB) has abused its authority in filing the suit.

Consumer board orders Meridian Title to pay $1.25 million after allegedly deceiving customers

Mark Iandolo Oct. 10, 2017, 10:02am

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Sept. 27 that it took action against Meridian Title Corporation, a real estate settlement services company, for allegations of steering consumers to an affiliated business.

New York court sends question in 9/11 responders, NFL players case to Pennsylvania court

Angela Underwood Oct. 6, 2017, 9:45am

A question in a lawsuit against a legal funding company that allegedly scammed 9/11 responders and former NFL players has swapped judges’ hands.

Arbitration ban would boost credit costs 25 percent, federal analysis finds

Michael Carroll Oct. 4, 2017, 4:31pm

A rule banning mandatory arbitration in consumer financial agreements would raise the cost of consumer credit by nearly 3.5 percent annually, a newly released federal analysis says.

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.