Consumer Financial Protection Bureau News

Coalition condemns consumer protection board's non-oversight of Military Lending Act

By Marian Johns | Oct 31, 2018

SACRAMENTO — California's attorney general is the latest to join a bipartisan, multistate coalition condemning the Consumer Financial Protection Bureau's (CFPB) decision to eliminate oversight of lender compliance of the Military Lending Act (MLA).

12-state coalition argues financial protection board proposal weakens consumer safeguards

By Marian Johns | Oct 17, 2018

CHICAGO — A coalition of 12 state attorneys general is arguing for the federal government to either withdraw or modify a proposal that would allow companies to offer financial products without compliance with federal disclosure laws.

U.S. settles with company over alleged delayed transfers of customer payments to debt buyers

By Marian Johns | Oct 16, 2018

WASHINGTON, D.C. — The Consumer Financial Protection Bureau has reached a settlement with Bluestem Brands Inc., Bluestem Enterprises Inc., and Bluestem Sales Inc., (the Bluestem companies) to resolve allegations of delaying transfers of customer payments to debt buyers.

Consumer Financial Protection Bureau employee alleges she earns less than male counterparts

By Bree Gonzales | Sep 6, 2018

WASHINGTON (Legal Newsline) – A federal employee alleges that she is paid less than her male co-workers with the same experience.

NYC Bar: Lawyers shouldn't split fees with litigation funders

By John Breslin | Aug 22, 2018

New York City's bar association has decided that it is unethical for lawyers to enter into agreements with companies that finance lawsuits in exchange for a percentage of the recovery.

Payday lending company settles allegations of violating consumer financial laws

By Marian Johns | Aug 21, 2018

WASHINGTON, D.C. - The federal government has reached a settlement in its lawsuit against Hydra Group over allegations the payday lending company violated federal consumer financial laws.

CONSUMER FINANCIAL PROTECTION BUREAU: Bureau Of Consumer Financial Protection Settles With Defendants In Hydra Group Payday Lending Case

By Press release submission | Aug 16, 2018

A federal district court in the Western District of Missouri entered an Order effectuating a settlement between the Bureau of Consumer Financial Protection (Bureau) and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr., in the Bureau’s lawsuit regarding the unlawful origination and servicing of short-term, small-dollar online loans to consumers nationwide.

CONSUMER FINANCIAL PROTECTION BUREAU: Bureau of Consumer Financial Protection Updates Regulation P To Implement Legislation Amending Gramm-Leach-Bliley Act

By Press release submission | Aug 16, 2018

The Bureau of Consumer Financial Protection (Bureau) finalized amendments to implement legislation that allows financial institutions that meet certain requirements to be exempt from sending annual privacy notices to their customers.

14-state coalition challenges Consumer Financial Protection Bureau's constitutionality

By Marian Johns | Aug 6, 2018

AUSTIN — Texas is leading a 14-state coalition that recently filed a "friend-of-the-court" brief challenging the constitutionality of the Consumer Financial Protection Bureau (CFPB).

CONSUMER FINANCIAL PROTECTION BUREAU: Bureau of Consumer Financial Protection Settles With TCF National Bank

By Press release submission | Jul 29, 2018

Bureau of Consumer Financial Protection (Bureau) filed in federal district court a proposed settlement with TCF National Bank regarding its marketing and sale of overdraft services.

Triton Management Group agrees to settle allegations of failing to disclose finance charges in ads

By Marian Johns | Jul 24, 2018

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau recently resolved its allegations against a small-dollar lender who failed to disclose finance charges in its advertisements.

National Credit Adjusters settles allegations of unlawful debt collection

By Marian Johns | Jul 24, 2018

WASHINGTON (Legal Newsline) — National Credit Adjusters LLC (NCA) has reached a settlement with the Consumer Financial Protection Bureau (CFPB) over allegations it violated the Consumer Financial Protection Act and the Fair Debt Collection Practices Act.

CONSUMER FINANCIAL PROTECTION BUREAU: Bureau Settles With National Credit Adjusters, LLC and Bradley Hochstein

By Press release submission | Jul 18, 2018

Bureau of Consumer Financial Protection (Bureau) announced a settlement with National Credit Adjusters, LLC (NCA), a privately-held company headquartered in Hutchinson, Kansas, and its former CEO and part-owner, Bradley Hochstein.

Citibank, consumer board reach $335 million agreement to settle credit card claim

By Marian Johns | Jul 10, 2018

WASHINGTON, D.C. — Citibank has reached a $335 million agreement with the Consumer Financial Protection Bureau to settle claims the company violated the Truth in Lending Act for not re-evaluating and reducing annual percentage rates for 1.75 million of its consumer credit card accounts.

Consumer board reaches $5 million settlement with South Carolina business in debt collection case

By Marian Johns | Jun 28, 2018

WASHINGTON, D.C. — The Consumer Financial Protection Bureau has reached a $5 million settlement with a South Carolina business and its' subsidiaries regarding allegations of improper debt collection and credit furnishing practices.

New York leads coalition urging consumer board to keep public database of consumer complaints

By Mark Iandolo | Jun 11, 2018

NEW YORK (Legal Newsline) — New York Attorney General Barbara D. Underwood announced June 5 that she is leading a coalition of 14 attorneys general in drafting a letter to the Consumer Financial Protection Bureau (CFPB), urging it to keep its public database of consumer complaints.

Maryland judge bars individual from mortgage industry after allegedly violating order

By Mark Iandolo | Jun 1, 2018

BALTIMORE, Md. (Legal Newsline) – Maryland Attorney General Brian E. Frosh announced May 21 that Gary L. Klopp, an executive in the mortgage industry, has been barred from the industry for two years and ordered to pay $525,000 by U.S. District Judge Richard Bennett.

Financial services companies sue Consumer Financial Protection Bureau over payday loan rule

By Kyla Asbury | May 24, 2018

AUSTIN, Texas (Legal Newsline) – Two financial service companies are suing the Consumer Financial Protection Bureau (CFPB) and its acting director over allegations the agency is "virtually eliminating" payday loans.

Companies in immigration bond business seek summary judgment in CFPB suit

By Amanda Thomas | May 22, 2018

WASHINGTON (Legal Newsline) – Two Virginia companies that are attempting to block an investigation by the Consumer Financial Protection Bureau have filed a motion for summary judgment.

California attorney general leads coalition trying to protect CFPB's investigative authority

By Mark Iandolo | May 7, 2018

SACRAMENTO, Calif. (Legal Newsline) — California Attorney General Xavier Becerra announced April 26 he is leading a coalition of 16 attorneys general in protecting the investigative authority of the Consumer Financial Protection Bureau (CFPB).

The Record Network