Consumer Financial Protection Bureau News

Third-party litigation funding a topic of discussion at plaintiffs lawyer seminar

By John Breslin | Apr 17, 2018

LAS VEGAS (Legal Newsline) – Plaintiff lawyers and those in legal marketing and funding businesses gathered last week in Las Vegas for an annual mass tort conference.

Consumer board seeks comments, information about financial education programs

By Mark Iandolo | Apr 16, 2018

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 4 that it is seeking comments and information from interested parties about the overall efficiency and effectiveness of its consumer financial education programs.

New leadership at the CFPB means state AGs will be more active in financial consumer protection

By Karen Kidd | Apr 10, 2018

WASHINGTON (Legal Newsline) – Some states will be even more active in financial consumer protection enforcement now that the Consumer Financial Protection Bureau's new director has made it clear the bureau will stay out of the way, an expert on state attorneys general said during a recent interview.

FTC, CFPB report to Congress on efforts to halt illegal debt collection schemes

By Mark Iandolo | Mar 28, 2018

WASHINGTON (Legal Newsline) — The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) announced March 20 that they have released a report detailing their 2017 activities to protect consumers from illegal debt collection schemes.

Consumer board seeks comments on how it conducts rulemaking process

By Mark Iandolo | Mar 19, 2018

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced March 7 that it has issued a request for information (RFI) about the way it conducts its rulemaking process, and it is seeking comments from businesses and the general public.

Consumer board seeks public comments analyzing method for reporting complaints

By Mark Iandolo | Mar 19, 2018

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced March 1 that it has issued a request for information (RFI) to secure public comments about how the bureau conducts its public reporting of consumer complaints.

Study on consumer lawsuit loans finds high rates, confusing terms

By Daniel Fisher | Mar 19, 2018

AUSTIN, Texas (Legal Newsline) - The broadest study yet of consumer litigation finance – money forwarded to lawsuit plaintiffs in anticipation of a victory in court or a legal settlement – found a “very complicated and circuitous” system in which some borrowers appear to subsidize others and the median interest rate exceeds 40%.

State AGs united for #MeToo, but changing federal law could be slippery slope

By John O'Brien | Feb 24, 2018

WASHINGTON (Legal Newsline) – State attorneys general are united in championing a new cause – abolishing clauses that require sexual harassment claims to be heard in arbitration. But would it set a bad precedent for changing federal law while scoring political points for its supporters?

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

By Mark Iandolo | Feb 21, 2018

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

By Mark Iandolo | Feb 20, 2018

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

By Chandra Lye | Feb 14, 2018

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

By Dee Thompson | Jan 19, 2018

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

By David Hutton | Jan 18, 2018

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

By Dee Thompson | Jan 11, 2018

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

By Marian Johns | Jan 8, 2018

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

By Marian Johns | Jan 8, 2018

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

By Mark Iandolo | Dec 29, 2017

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

By Mark Iandolo | Dec 28, 2017

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

By Jenie Mallari-Torres | Dec 8, 2017

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

By Jessica Karmasek | Nov 30, 2017

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.

The Record Network