CFPB, Federal Agencies, State Agencies, and Attorneys General
In remarks given on Tuesday to the National Association of State Attorneys General (NAAG), CFPB Director Chopra promoted an aggressive approach to enforcement by both the CFPB and state attorneys general (AGs).
In his most noteworthy remarks, Director Chopra:
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In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators issued a joint statement yesterday to announce that they will no longer provide “supervisory and enforcement flexibility” to mortgage servicers…
We discuss recent and ongoing enforcement activity of the PA AG involving consumer financial services. Our conversation focuses on activity directed at: auto title lenders for alleged violations of PA usury law; national banks for alleged CARD Act violations; furniture retailers for alleged “hang tag” law violations; home sellers for alleged violations of mortgage laws…
The Pennsylvania Attorney General recently entered into an Assurance of Voluntary Compliance with Elevation Capital Partners, LLC, a buyer of private student loans, that prohibits Elevation from engaging in any collection efforts, directly or through servicers, related to loans made to Pennsylvania borrowers who attended schools operated by Education Corporation of America (ECA) (ECA Loans). …
The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). The PLPA became effective on March 23, 2021, the day it was signed into law by Governor Pritzker. The DFPR also issued a “Notice Regarding the Consumer Reporting Database and the Predatory Loan Prevention…
The CFPB and the Arkansas Attorney General announced that they filed a proposed stipulated judgment and order settling their Fair Credit Reporting Act (FCRA) and Consumer Financial Protection Act of 2010 (CFPA) claims against Alder Holdings, LLC, a home-alarm company that extends closed-end credit to its customers by providing them the right to defer payment…
The CFPB and the South Carolina Department of Consumer Affairs (SCDCA) recently settled a lawsuit they filed jointly in a South Carolina federal district court in October 2019 against Performance Arbitrage Company, Inc. and Life Funding Options, Inc., and their individual owner that alleged the defendants violated the Consumer Financial Protection Act and the South…
The New Jersey Attorney General recently filed a lawsuit in New Jersey state court against Yellowstone Capital LLC, its parent Fundry.US LLC, and various Yellowstone subsidiaries and affiliates alleging that the defendants violated the New Jersey Consumer Fraud Act (CFA) and the New Jersey Regulations Governing General Advertising (Advertising Regulations) in connection with marketing and…
PLI’s 25th Annual Consumer Financial Services Institute will take place on December 7-8, 2020 by live webcast.
The Institute is considered the country’s premier consumer financial services CLE program and this year’s Institute will once again explore in detail important developments in consumer financial services regulation and litigation. I am again co-chairing the event, as…
We have recently focused on the DFPI’s expanded authorities under California Consumer Protection Law, the Debt Collection Licensing Act, and the Student Borrower Bill of Rights. In addition to these blockbuster bills, this legislative session included a short bill impacting the DFPI’s enforcement authority under the California Financing Law (“CFL”), which has…
