CFPB Agrees to $25 Million Settlement with National Bank for Misleading and Deceptive Marketing
On July 20, 2018, the CFPB filed a proposed judgment and consent order, settling a lawsuit the CFPB filed against a national bank for its... Read More
Federal Regulatory Developments
CFPB Orders $1.5 Million Penalty for Misrepresentation of Finance Charges for Auto Title Loans
The CFPB recently entered into a settlement for approximately $1.5 million with a financial services company that allegedly deceived consumers by failing to disclose accurate... Read More
FHA to Reduce False Claims Act use in FHA Lending
Multiple sources have reported that FHA Commissioner Brian Montgomery recently stated that the Trump administration wants to curtail the use of the False Claims Act... Read More
CFPB Names Director of Recently-Created Office of Innovation
Paul Watkins has been selected to head of the Bureau of Consumer Financial Protection’s new Office of Innovation, which will focus on encouraging consumer friendly... Read More
Debt Collector and its Former CEO to Pay Up to $3 Million Each to Settle CFPB UDAAP and FDCPA Claims
The CFPB recently entered into a consent order with a debt collector and its former CEO and part owner that requires each to pay up... Read More
Mulvaney Appoints Brian Johnson to Acting Deputy Director of CFPB
On July 9, 2018, the Bureau of Consumer Financial Protection announced that acting Director “Mick” Mulvaney appointed Brian Johnson as acting Deputy Director. Johnson served... Read More
FTC Reiterates Enforcement of FCRA in Testimony Before Senate
The FTC recently testified before the Senate Banking, Housing and Urban Affairs Committee on July 12, 2018, and stated that the enforcement of the Fair... Read More
FTC Conducts “Used Car Rule” Compliance Sweep
Between April and June 2018, the FTC, alongside 12 partner agencies, conducted “Used Car Rule” compliance sweeps across 20 cities in seven states. The FTC... Read More
The BCFP Joins Market Integrity and Consumer Fraud Task Force
President Trump has issued an Executive Order directing the Attorney General to establish, within the Department of Justice, a Task Force on Market Integrity and... Read More
President Issues Executive Order Changing Process for Hiring ALJs
On July 10, 2018, President Trump issued an Executive Order that allows agency heads to directly hire administrative law judges (ALJs) by excepting them from... Read More
CFPB Deputy Director English Resigns, Drops Lawsuit Challenging Mulvaney’s Appointment
Leandra English has announced that she is dropping her lawsuit claiming she is the rightful interim acting director of the CFPB and will be stepping... Read More
Rural Housing Service Revises Single Family Housing Guaranteed Loan Program Handbook
The Rural Housing Service recently issued a notice that it has changed certain provisions pertaining to servicing of non-performing loans in its Single Family Housing... Read More
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