Tag Archives: CFPA

CFPB and New York Attorney General Announce Settlement with Retailer for Violations of TILA and CFPA

By Rick Fischer, Obrea Poindexter, Crystal Kaldjob and Jennifer Talbert on January 18th, 2019 Posted in CFPB, Credit Cards, Regulatory Developments

On January 16, 2019, the Consumer Financial Protection Bureau and the New York Attorney General announced a settlement with a retailer for alleged violations of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act, as well as New York State law arising out of the retailer’s sales practices for its store… Read More

Leading on Leads? CFPB Takes Action Against Online Lead Aggregators

By Don Lampe and Calvin Funk on September 21st, 2017 Posted in CFPB, Enforcement Actions, Payday Lending, Privacy, UDAAP

On September 6, 2017, the CFPB announced that it has taken action against an online lead aggregator. The allegations revolved around the company’s selling personal information of consumers who were interested in small-dollar or installment loans to online lenders. It was alleged that the loans ultimately offered to consumers were, or were likely to be, void… Read More

ACH Debit Transactions – Whose Agent Are You?

By Leonard Chanin and Oliver Ireland on June 23rd, 2016 Posted in CFPB, Enforcement Actions, UDAAP

Tucked away in a seeming innocuous paragraph in a complaint, the CFPB has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the CFPB filed an action in a U.S. district court asserting that Intercept Corporation (Intercept) (and each of its owners) engaged in unfair acts and practices in violation… Read More

Is the CFPB the New Cop on the Data Security Beat?

By Nate Taylor and Angela Kleine on March 3rd, 2016 Posted in CFPB, Enforcement Actions, Privacy, UDAAP

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) broke new ground (at least for the CFPB) when it released a consent order against Dwolla, Inc., an online payment platform, regarding data security. While in many respects the data security “message” sent by the CFPB is not a new one (e.g., companies must live up to… Read More

CFPB Takes Action Against Lead Aggregators

By Obrea Poindexter, Sean Ruff and Calvin Funk on December 21st, 2015 Posted in CFPB, Enforcement Actions

On December 17, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it has taken action against lead aggregators that resold sensitive personal information to lenders and debt collectors. In a complaint against T3Leads and a consent order against a sole proprietorship (“Lead Publisher”), the CFPB alleged that the lead aggregators exposed millions of consumers… Read More

CFPB Keeps the Heat on Debt Collection, Consumer Reporting

By Ben Patterson on December 8th, 2015 Posted in CFPB, Enforcement Actions

On December 7, 2015, the CFPB announced another consent order going after a firm for alleged violations the Consumer Financial Protection Act, FCRA, and FDCPA. The CFPB alleges that Massachusetts debt collection firm Collecto, Inc. (dba EOS) paid a cell phone provider over $35 million for a portfolio of more than three million cellphone accounts,… Read More

CFPB Wins MTD, But Loses on Scienter Standard for Aiding-and-Abetting Claims

By Jessica Kaufman and David Fioccola on September 9th, 2015 Posted in CFPB, Enforcement Actions

A federal judge has rejected the CFPB’s argument that the CFPA should incorporate a lower standard for “recklessness” than that to secondary liability under the Securities and Exchange Act of 1934 (“SEC Act”). On September 1, 2015, in one of the first decisions substantively interpreting standards for aiding and abetting under the CFPA, Consumer Financial… Read More

CFPB Increasingly Aiming “Abusiveness” Claims at Servicemember Products and Services

By Jessica Kaufman and David Fioccola on June 23rd, 2015 Posted in Auto Lending, CFPB, Disparate Impact, Enforcement Actions, Military Issues

Are servicemembers more financially vulnerable than the civilians they protect? Recent enforcement actions suggest that, in the CFPB’s view, they are. While the Servicemembers Civil Relief Act (SCRA) provides more financial protections to servicemembers than civilian consumers have, the Bureau has also begun to use the CFPA to assert “abusive” claims in cases involving alleged… Read More

Fall 2014 Supervisory Haiku-lights

By Jessica Kaufman and David Fioccola on November 24th, 2014 Posted in CFPB, Mortgage, Student Lending, Supervisory Highlights

A few times a year, CFPB Supervision publishes Supervisory Highlights, which provides general information about examination findings without identifying specific institutions. We know you readers are busy—and literary!—so below we present key takeaways from Supervision’s Fall 2014 report in one of our favorite poetic forms: haiku. student lenders must allocate payments fairly not to increase… Read More