The Consumer Financial Protection Bureau (CFPB) has denied an indirect finance company’s request to set aside or modify a civil investigative demand (CID) to determine whether debt relief providers induced people to enter into unfair, deceptive or abusive U.S. Department of Education student loans.
The company had argued that the CID, which was issued Oct. 23, was overly burdensome.
It also made an alternative claim that the CID deadlines should be put on hold until after the Supreme Court decides the constitutionality of the removal restriction in Seila Law v. CFPB, which will be argued March 3.
The Consumer Financial Protection Bureau (CFPB) has agreed not to bring supervisory or enforcement actions against Bank of America for its funding arrangements with Department of Housing and Urban Development (HUD) housing counseling agencies (HCAs) – even if the arrangements could be construed as referrals under RESPA Section 8 (a).
The bureau recently granted Bank of America’s request for a no-action letter (NAL)
Read on for details from Bank of America’s NAL – the first under the bureau’s revised NAL policy.
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against an employment background screening company.
The bureau accused the company of failing to employ reasonable procedures to ensure the maximum possible accuracy of information in its consumer reports.
Read on for details of the case, which recently was settled in the U.S. District Court for the Southern District of New York, including how much the company has agreed to pay affected consumers.
The Consumer Financial Protection Bureau (CFPB) has filed proposed settlements against a military travel lender accused of violating the Consumer Financial Protection Act (CFPA) by misrepresenting the true cost of credit.
The proposed settlements against the Kentucky-based lender quoted falsely low monthly interest rates over the telephone to consumers and failed to provide consumers required information about the terms of credit, among other violations.
Read on for details about the settlement.
A student-loan debt-relief operation is accused of engaging in unlawful conduct by charging more than $71 million in unlawful advance fees.
The Consumer Financial Protection Bureau (CFPB), along with the Minnesota Attorney General’s Office, North Carolina Department of Justice and the Los Angeles City Attorney, recently filed an action in a California court to halt several companies from operating.
Read on for details from the bureau’s complaint.
Consumer Financial Protection Bureau Director Kathy Kraninger has denied Bank of America Corp.’s request to set aside or modify a civil investigative demand as to its sales practices.
The CFPB served the bank with a CID in March as part of an investigation into whether depository institutions or others had engaged in unlawful acts or practices in connection with unauthorized consumer bank, credit card and other accounts.
Read on for highlights of Kraninger’s decision.
The Consumer Financial Protection Bureau has announced a settlement with an Illinois-based debt-collection company accused of threatening to sue or arrest consumers, even though it did not intend to take such action.
The bureau also found the company falsely represented to consumers that company employees were attorneys, among other things.
Read on for more highlights from the CFPB’s consent order, plus another recent settlement with a money transfer business.
The Consumer Financial Protection Bureau (CFPB) and the Arkansas Attorney General have filed a proposed settlement with a broker accused of illegal practices in offering high-interest credit to disabled veterans and other consumers.
Under the proposed settlement, the business owner will be banned from the industry.
Read on for more details from the proposed settlement, which states the CFPB may be willing to pay some or all of the proposed $2.7 million joint settlement.
The Consumer Financial Protection Bureau (CFPB) has agreed to a proposed settlement with ITT Educational Services, Inc. to resolve allegations of unfair and abusive practices related to student loans.
The bureau filed a complaint in the U.S. District Court for the Southern District of Indiana in 2014 claiming ITT violated the Consumer Financial Protection Act regarding its private loan program.
Read on for details of the proposed settlement.
The Consumer Financial Protection Bureau and the New York Attorney General have filed proposed settlements permanently banning a group of Buffalo, N.Y., debt collectors from the industry.
According to the proposed settlements, the companies together purchased millions of dollars’ worth of consumer debt, inflated those consumer debts and relied on illegal tactics to extract as much money as possible from consumers for their debts.
Read on for details from the agreements.
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