CFPB Closes 2022 with $3.7 Billion Consent Order Against National Bank
Just prior to the close of 2022, the CFPB issued a Consent Order against one of the nation’s largest banks regarding the institution’s automobile loan... Read More
Litigation Developments
Federal Court Holds Erroneous 1099-C Form Not a Contract or Discharge of Debt
Recently, the U.S. District Court for the Eastern District of Virginia dismissed claims brought by a borrower against a large mid-Atlantic bank, finding that an... Read More
Judge Dismisses Fannie and Freddie’s Net Worth Sweep Claims on Remand
A federal judge in the Southern District of Texas recently granted a motion to dismiss Fannie Mae and Freddie Mac shareholders’ remaining claims against the... Read More
CFPB Settles with Company that Allegedly Misled Consumers About Investment Product and Risks
The CFPB entered into a settlement with an investment company and its owner for allegedly deceiving consumers that the company was a commercial bank and... Read More
CFPB Urges 4th Circuit to Reinstate HELOC Borrowers’ TILA Class Claim
Recently, the CFPB filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit, advocating for the reinstatement of a putative class... Read More
CFPB Issues Consent Order Against Mortgage Servicer for Failure to Provide CARES Act Protections to Borrowers
The CFPB recently issued a Consent Order alleging that a Respondent non-bank mortgage servicer violated the Consumer Financial Protection Act (CFPA), the Fair Credit Reporting... Read More
“Perceptible Delay” Insufficient to Plead the Use of ATDS
A federal judge in the Northern District of Ohio recently granted a motion to dismiss a plaintiff’s Telephone Consumer Protection Act (TCPA) claims. Amongst other... Read More
CFPB Seeks Expedited Supreme Court Constitutionality Review
Recently, the CFPB filed a petition for writ of certiorari seeking review of the Fifth Circuit’s decision in Consumer Financial Services of America v. Consumer... Read More
FTC Brings Action Against Ed Tech Provider for Security Failures
The FTC recently issued a proposed consent order, finding that a California-based education technology provider violated the FTC Act because of its weak data security... Read More
7th Circuit Upholds Dismissal of Suit over Insufficient Funds Charges
A recent panel opinion from the U.S. Court of Appeals for the Seventh Circuit upheld a district court’s grant of a credit union’s motion to... Read More
DOJ Settles PPP False Claims Act Suit Against NY Not-For-Profit
The DOJ recently entered into a settlement with a New York not-for-profit regarding allegations that it obtained an inflated Paycheck Protection Program (PPP) loan. The... Read More
FTC Holds Company’s CEO Personally Liable for Security Failures
The FTC issued a proposed consent order, finding that a company and its CEO had violated the FTC Act because of the company’s security failures... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.