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Posts published in “CFPB”

CFPB Enters Into $3.2 Million UDAAP Consent Order With Online Lender

An online lender that extends payday and unsecured installment loans reached a settlement with the Consumer Financial Protection Bureau regarding “unfair, deceptive, or abusive acts or practices” allegations that the lender unlawfully debited consumers’ bank accounts without authorization and failed to honor loan extensions to…

Ohio Debt Collection Law Firm Files Findings of Fact, Conclusions of Law in Response to CFPB Action

In a follow up to an advisory jury’s verdict, finding that a law firm’s pre-suit collection letters contained “false, deceptive, or misleading representations or means in connection with the collection of a debt” while rejecting a claim that the firm’s attorneys were not meaningfully involved…

CFPB Files Findings of Fact, Conclusions of Law in its Action Against Ohio Debt Collection Law Firm

In a follow-up to an advisory jury’s verdict, finding that a law firm’s pre-suit collection letters contained “false, deceptive, or misleading representations or means in connection with the collection of a debt” while rejecting a claim that the firm’s attorneys were not meaningfully involved in…

BCFP Enters Consent Order with Consumer Lender Over Debt Collection and Credit Reporting Practices

By Brent Yarborough and Eric Rosenkoetter On June 13, the Bureau of Consumer Financial Protection issued a consent order with a holding company and its affiliated operating entities engaged in consumer lending. The consent order reflects the parties’ settlement of an administrative enforcement action that focused on the…

Jury Returns Inconsistent Verdict in CFPB Action Against Ohio Debt Collection Law Firm, Verdict Under Advisement

An advisory jury, empaneled pursuant to Federal Rule 39(c)(1), recently returned an inconsistent verdict after trial in an action brought by the Consumer Financial Protection Bureau last year challenging that attorneys of a law firm specializing in the collection of debts were not “meaningfully involved”…

CFPB Uses UDAAP in FDCPA-Like $28.5M Consent Order Against Depository Institution

The federal Consumer Financial Protection Bureau (CFPB) recently entered into a $28.5 million Consent Order with a depository institution for alleged violations of the “unfair, deceptive, or abusive” acts or practices provisions of 12 U.S.C. §§ 5531 and 5536 relating to the depository institution’s collection…

CFPB Narrowly Escapes Shutdown in D.C. Circuit Court Ruling

The Consumer Financial Protection Bureau narrowly escaped a constitutional challenge today in a ruling handed down from the United States Court of Appeals for the District of Columbia Circuit. Although the court found the CFPB's structure is unconstitutional, the defect, according to the court’s opinion, did not warrant its dissolution.