Future Income Payments LLP and other companies owned by Scott Kohn are accused of giving consumers the erroneous impression that their pension-advance products were not loans.
Read on for highlights of the suit, which also claims the products resulted in higher debt than consumers would have incurred using a credit card.
The Consumer Financial Protection Bureau (CFPB) has lost another civil investigative demand (CID) challenge.
This time, the Fifth Circuit Court of Appeals determined that a bureau CID was not specific enough to satisfy statutory requirements in a ruling overturning a lower court’s decision.
Read on for details in the CFPB’s case against The Source for Public Data, which was accused of violating the Fair Credit Reporting Act (FCRA) and other laws.
What’s the difference between supervisory guidance and regulation?
That’s the question the Consumer Financial Protection Bureau (CFPB) and federal financial regulators are attempting to answer. The CFPB, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corp., National Credit Union Administration (NCUA) and Office of the Comptroller of the Currency (OCC) issued a joint statement explaining the role of supervisory guidance for regulatory institutions.
Read on for details of their statement.
The Consumer Financial Protection Bureau (CFPB) received 55,049 public comments on its request for information about the bureau’s supervision processes.
Many of the commenters complained that the CFPB’s supervisory authority is inefficient for banks and non-banks alike.
Read on for highlights of comments from the Financial Services Roundtable (FSR), Consumer Bankers Association (CBA), Consumer Mortgage Coalition, and others who addressed problems with supervision issues.
The California Supreme Court has unanimously ruled the state can enforce against interest rates that are too high on loans that are above the current statutory standard.
A class action lawsuit was filed in the federal district court for the Northern District of California against lender CashCall, Inc., on behalf of borrowers who took out loans of at least $2,500 at an interest rate of 90 percent or higher.
Read on for details of the Supreme Court’s opinion.
No more regulation by enforcement.
That was the loud and clear message sent to the Consumer Financial Protection Bureau (CFPB) from many of the 487 people who responded to a request for information (RFI) about the bureau’s enforcement processes.
Read on for highlights of comments from RESPRO, the American Bankers Association (ABA) and others who addressed problems with consent orders, civil money penalties, NORA letters and other enforcement issues.
The Consumer Financial Protection Bureau (CFPB) has denied Firstsource’s motion to set aside a civil investigative demand (CID) over its debt collection practices.
The action marked the first time there has been any movement on CID petitions under acting CFPB director Mick Mulvaney.
Read on for more details on Mulvaney’s decision, which also granted the company’s request for confidential treatment of certain materials.
The Consumer Financial Protection Bureau (CFPB) has failed to prove its claims that consumers were harmed by a Cleveland-based debt collector’s practice of identifying itself as a law firm in demand letters, a federal judge ruled recently.
The CFPB initiated a Civil Investigative Demand (CID) process against Weltman, Weinberg & Reis Co., LPA in September 2014. The bureau filed a lawsuit in April 2017 after the firm refused to sign a consent order.
Read on for highlights of the judge’s decision.
The Consumer Financial Protection Bureau (CFPB) has settled with a small-dollar lender that violated the disclosure requirements of TILA by failing to properly disclose finance charges associated with auto title loans in Mississippi.
Triton Management Group was given a $1.5 million judgment, which represents the undisclosed finance charges consumers paid on their Triton loans.
But will the company have to pay the full amount of consumer redress? Read on to find out.
For the second time in a month, the Consumer Financial Protection Bureau (CFPB) allegedly has slashed civil money penalties for a debt collector found to have harassed customers.
The bureau issued a consent order to National Credit Adjusters, LLC (NCA), a privately-held company based in Kansas, along with its former CEO and part-owner, Bradley Hochstein. The company and Hochstein each were ordered to pay $3 million in penalties.
But according to a published report, then-CFPB Director Richard Cordray sought tens of millions more in penalties against the company. Read on for more details.
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