On April 5, 2023, the Consumer Financial Protection Bureau (CFPB) brought an action against James R. Carnes and Melissa C. Carnes, both individually and as co-trustees of the James R. Carnes Revocable Trust and the Melissa C. Carnes Revocable Trust, for allegedly hiding money through a series of fraudulent transfers in order to avoid paying more than $40 million in restitution and penalties for illegal payday lending activities. … Continue Reading
Erik L. Johnson
Ninth Circuit Vacates and Remands $8 Million CFPB Judgment in Lawsuit Against Mortgage Services Company
By Erik L. Johnson on
The Ninth Circuit Court of Appeals recently issued an Order vacating a nearly $8 million judgment won by the Consumer Financial Protection Bureau (CFPB) in its lawsuit against Nationwide Biweekly Administration, Inc. (Nationwide), an Ohio mortgage services company. The Ninth Circuit remanded the case to the district court for further analysis based on recent rulings related to the constitutionality of the CFPB.… Continue Reading
Justice Department announces settlement to resolve lending discrimination claims against Evolve Bank and Trust
By Erik L. Johnson on
On September 29, 2022, the Justice Department announced a proposed consent order with Evolve Bank and Trust to resolve allegations of lending discrimination on the basis of race, sex, and national origin in the pricing of its residential mortgage loans from at least 2014 through 2019.
Headquartered in Memphis, Tennessee, Evolve Bank maintains mortgage lending offices and provides mortgage lending services in 15 states. … Continue Reading
AFSA and Several Other Trade Associations Urge Second Circuit to Reject CFPB’s Expanded Interpretation of FCRA Reasonable Procedures for Maximum Accuracy Requirement
By Erik L. Johnson on
Earlier this year, the CFPB and the FTC filed an amicus brief in an appeal to the Second Circuit, arguing that the Court should reject the District Court’s “unduly narrow” interpretation of the FCRA requirement that consumer reporting agencies (CRAs) follow reasonable procedures to assure accuracy of information included in consumer reports.… Continue Reading
FTC Provides Annual Report to CFPB on 2021 Activities Regarding Financial Acts
By Erik L. Johnson on
The Federal Trade Commission provided its annual report to the Consumer Financial Protection Bureau on its enforcement and related activities in 2021 regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act (EFTA) (collectively, the “Financial Acts”).
Under Dodd-Frank, the FTC retained its authority to enforce these regulations with respect to entities subject to its jurisdiction. … Continue Reading
CFPB and FTC Urge Second Circuit to adopt expansive interpretation of FCRA Reasonable Procedures for Maximum Accuracy Requirement
By Erik L. Johnson on
The CFPB and the FTC recently filed an amicus brief in an appeal to the Second Circuit, arguing that the Court should reject the District Court’s “unduly narrow” interpretation of the FCRA requirement that consumer reporting agencies (CRAs) follow reasonable procedures to assure accuracy of information included in consumer reports.
In Sessa v.… Continue Reading