On April 5th, Goodwin attorneys hosted a webinar discussing the Consumer Financial Protection Bureau’s (CFPB) changes to its supervisory and enforcement priorities with respect to unfair, deceptive, or abusive acts or practices (UDAAPs) under the Consumer Financial Protection Act (CFPA). To recap what was discussed: Download our presentation materials. Watch…
Goodwin’s Consumer Financial Services Enforcement & Investigations and Litigation practices are once again proud to present our annual Consumer Finance Year In Review. Industry regulators staked out a clear intent to return to normal, rescinding pandemic-specific policies and letting go of relaxed enforcement. Reviewing the key developments and events in…
In response to recent changes at the Consumer Financial Protection Bureau (CFPB), including the appointment of Director Rohit Chopra, Goodwin’s Consumer Financial Industry practice created a CFPB Hub to serve as a resource for companies in the consumer financial services space as they navigate regulatory developments. With specific regard to…
Enforcement Watch and Goodwin’s Consumer Financial Services Enforcement Team are excited to announce the arrival of Alli Schoenthal to our team! Alli will reside in our New York office. Alli represents banks, trusts, lenders, government-sponsored enterprises, private equity firms, and loan servicers in consumer finance litigation and enforcement matters. Her practice…
On May 21, 2019, the North Carolina Attorney General’s office (AG) announced that it had obtained a temporary restraining order (TRO) as a result of a consent agreement with a Florida-based online lender in a lawsuit it filed in North Carolina state court on May 15, 2019. The AG alleged that the online lender, which was not licensed in North…
On December 7, 2018, the Federal Trade Commission (FTC) announced settlements with the operators of two Florida-based student loan debt relief companies and their principals in connection with its coordinated federal-state enforcement initiative to target deceptive student loan debt relief scams, called “Operation Game of Loans.” In September and October…
On November 20, 2018, the Federal Trade Commission (FTC) announced that a federal court issued an injunction to halt and freeze the assets of a California-based student loan debt relief scheme. Two weeks prior, the FTC filed a complaint against the operators of the scheme, alleging deceptive acts and practices in violation of Section 5(a)…
During the first half of 2018, Enforcement Watch tracked 40 publicly announced or publicly filed enforcement actions involving consumer financial services companies. The 18 enforcement actions tracked during Q1 2018 represent a substantial decrease from the 46 actions tracked in Q1 2017. That trend continued in Q2 2018, with Enforcement Watch…
On October 24, 2018, the Illinois Attorney General (Illinois AG) announced that it had entered into a settlement agreement with a mortgage company resolving an investigation by the Illinois AG’s Office and the Illinois Department of Financial and Professional Regulation (IDFPR) into allegations of mortgage fraud at one of the company’s branches. According to…
On September 28, 2018, the Federal Trade Commission (FTC) announced that it had reached a settlement with loan debt relief operators in connection with the coordinated federal-state enforcement initiative to target deceptive student loan debt relief scams, called “Operation Game of Loans.” According to the FTC, the operators violated the federal law by allegedly…
On September 7, 2018, the Federal Trade Commission (FTC) announced a settlement with a Georgia debt collection company and its principals over alleged illegal collection practices. In October 2017, the FTC filed an action against the defendants alleging violations of the Federal Trade Commission Act (FTC Act), 15 U.S.C. §§ 45(a), 53(b),…
On July 26, 2018, the Federal Reserve Board (FRB) announced a multi-million dollar settlement with a Kentucky bank over allegations of unlawful banking practices in violation of Section 5 of the Federal Trade Commission Act. According to the Consent Order, the bank made misrepresentations and failed to disclose certain information to consumers about…
On July 20, 2018, the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) reached a $30 million settlement with a South Dakota bank over allegations that the bank had engaged in deceptive practices with respect to its overdraft services in violation of Section 5 of the Federal Trade…
On July 13, 2018, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a debt collection company and its CEO for allegedly illegal debt-collection acts and practices. According to the CFPB, the company collected on consumer debts using various debt collection companies that allegedly engaged in unfair and deceptive practices in violation of…
On June 14, 2018, the California Attorney General announced that it had entered into a settlement with a company holding nearly 35,000 private student loans across California. In the complaint, which was filed on June 13, 2018, the Attorney General alleged that the company had engaged in unlawful debt collection…
On June 7, 2018, the Federal Trade Commission (FTC) announced a settlement and stipulated order for permanent injunction arising from a lawsuit brought by the FTC concerning allegedly illegal mortgage relief practices. The FTC initiated an action against several defendants in January 2018 alleging violations of Section 5 of the Federal Trade Commission Act, 15…
On June 4, 2018, the Federal Trade Commission (FTC) announced a settlement with a North Carolina debt collection company and its principals over alleged illegal collection practices. In August 2017, the FTC filed an action against the defendants alleging violations of Section 5 of the Federal Trade Commission Act, 15…
On May 1, 2018, the Office of the Comptroller of the Currency (OCC) entered into a consent order with a national bank for deceptive marketing and banking practices that allegedly resulted in violations of federal law. According to the consent order, the OCC alleged that the bank had violated Section…
On April 12, 2018, the Federal Trade Commission (FTC) announced proposed settlements with three marketers for illegal debt relief and loan services. In May 2017, the FTC filed an action against the three marketers and eleven related corporate entities claiming that the defendants engaged in a wide-scale debt relief scheme…
On March 22, 2018, the Federal Trade Commission (FTC), in conjunction with the New York Attorney General (AG), announced that it had entered into settlements with debt collection companies and their operators over allegedly deceptive and unlawful debt collection practices. In a February 2015 complaint filed in the United States District Court for the Western…