The CFPB recently entered into a consent order with Nationwide Equities Corporation (Nationwide), which the CFPB refers to as a mortgage broker and mortgage lender that primarily provides jumbo reverse mortgage loans and Home Equity Conversion Mortgage Loans (HECMs). The CFPB asserts in the consent order that Nationwide engaged in direct mail advertising practices that

The CFPB recently filed a complaint in the United States District Court for the District of Connecticut alleging violations of various federal consumer protection laws by 1st Alliance Lending, LLC (1st Alliance), a former mortgage lender. The complaint also names several principals of 1st Alliance as defendants. According to the complaint, certain

On December 18, 2020, the CFPB announced a consent order with Seterus, Inc. (Seterus), and its successor-in-interest, Kyanite Services, Inc. (Kyanite), based on findings of mortgage servicing violations.

The consent order alleges the following violations by Seterus while it was in operation:

  • Unfair acts or practices for failing to accurately review, process, track, and communicate

On December 21, 2020, the CFPB issued its third consent order involving violations of Subpart B of Regulation E, 12 C.F.R. §§ 1005.30 to 1005.36, the Remittance Transfer Rule (“Remittance Rule”) in the last four months and fourth order since August 2019. This most recent consent order was issued against Envios de Valores La Nacional

On November 20, 2020, the CFPB filed a lawsuit against a student-loan debt-relief company, FDATR, Inc., and its owners, Dean Tucci and Kenneth Wayne Halverson. FDATR was an Illinois company that involuntarily dissolved in September 2020.  Through telemarketing and telephone sales, FDATR promised to provide student-loan debt-relief and credit-repair services to consumers.

The complaint,

Coming on the heels of the Presidential election results, the CFPB circulated an internal e-mail suspending a reorganization that would have stripped the Office of Enforcement’s autonomy to open investigations and issue civil investigative demands.

Bloomberg Law reported the suspension after obtaining a copy of the internal e-mail. According to the Bloomberg article, Bryan Schneider,

It appears that the final chapter of the ITT Educational Services, Inc. (“ITT”) story was written last week with the CFPB’s announcement that it entered into a stipulated settlement with PEAKS Trust 2009-1 (“PEAKS”), a special purpose entity created in 2009 to purchase, own, and manage certain private student loans with students enrolled at ITT.

On July 15, 2020, the CPFB filed a complaint in federal court against Townstone Financial, Inc. (Townstone) representing the first ever redlining complaint against a non-bank mortgage lender. The complaint is brought under the Equal Credit Opportunity Act (ECOA) and Consumer Financial Protection Act (CFPA), but not the Fair Housing Act (FHA). (The U.S. Department

The CFPB has entered into a consent order with three companies to settle the Bureau’s claims that the companies violated the Dodd-Frank UDAAP prohibition and the FCRA in connection with contracts for deeds that they issued and serviced.  The settlement requires one of the companies to pay a $25,000 civil money penalty and the two

The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC. and two of its individual owners and managers that alleges the defendants violated the Consumer Financial Protection Act’s UDAAP prohibition in connection with the brokering of pension advance products structured as purchases by engaging in unfair and deceptive