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Case Law


Results 1 - 10 of 198

Circuit Court revives CFPB suit against mortgage lender

Posted Date: Wednesday, April 27, 2022
In 2013, the Consumer Financial Protection Bureau (CFPB) brought enforcement action against Ocwen Financial Corp. The enforcement action led to a settlement agreement between Ocwen and the CFPB during which time Ocwen mortgage’s practices were subjected to greater oversight and scrutiny.

Now the question before the court is whether the CFPB is precluded from bringing action against Ocwen for things done during, and prior to, the settlement agreement period.

Read on for more details.

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CFPB suit against lender survives dismissal efforts

Posted Date: Thursday, April 14, 2022
An enforcement action brought by the Consumer Financial Protection Bureau against 1st Alliance Lending and three individuals within the company has survived efforts by the defendants to get the case dismissed.

The case revolves around whether certain sales employees were required to maintain mortgage originator licenses in every state in which 1st Alliance Lending operated.

Read on for more details.

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DOJ, Congress investigating lenders for PPP fraud

Posted Date: Monday, April 4, 2022
Two years since the beginning of the COVID-19 pandemic, and the federal government has begun a full-force crack down on fraudulent activity relating to the Payment Protection Program (PPP) and Coronavirus Aid, Relief, and Economic Security (CARES) Act programs that were meant to help those whose economic well-being was most effected by the pandemic and related shutdowns.

This shift signals a major shift away from borrowers’ fraud and towards lenders that facilitated fraudulent borrowing.

Read on for more details.

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Wells Fargo under scrutiny for alleged discrimination

Posted Date: Monday, March 28, 2022
Wells Fargo is facing questions from Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) about the data and algorithms used in 2020 and 2021 to evaluate mortgage refinance applications. A potential class action suit has been filed in the federal district court in California claiming Wells Fargo has engaged in “modern-day redlining.” Democrat senators. on the banking committee call for the Consumer Financial Protection Bureau and the Department of Housing and Urban Development to investigate.

Read on for more details.

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LoanDepot facing investor suit over poor IPO

Posted Date: Monday, March 21, 2022
In a complaint filed in the Federal District Court of Delaware, investors asserted mortgage lending company LoanDepot’s stocks decrease of over 40 percent following its IPO was reflective of real value. The complaint further states that the IPO was artificially inflated due to materially false or misleading information released by LoanDepot, its board of directors, and founder.

Read on for more details.

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Fifth Circuit remands FHFA case back to its district court

Posted Date: Monday, March 14, 2022
In the ongoing saga of Collins v. Yellen, the Fifth Circuit has remanded the case back to the Southern District of Texas following last year’s Supreme Court decision on the issues of the Federal Housing Finance Agency’s constitutionality and the scope of its authority as conservator of Fannie Mae and Freddie Mac.

Read on for more details.

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PayPal faces class action suit over buy now, pay later

Posted Date: Wednesday, March 9, 2022
A class action suit against PayPal has been filed in the U.S. District Court for the Northern District of California. The complaint alleges that PayPal targeted and misled poor consumers to get them to use PayPal’s “Pay in 4” service.

Read on for more details.

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Lenders seek to have convenience fee ruling upheld

Posted Date: Monday, March 7, 2022
Lending industry groups filed an amicus brief with the Ninth Circuit Court of Appeals to have a California District Court decision upheld. The case at issue regards convenience fees charged for different payment methods.

Read on for more details.

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Court certifies questions regarding CFPB’s enforcement authority

Posted Date: Wednesday, March 2, 2022
A Delaware Federal District Court circuit judge gave approval for interlocutory appeal to answer questions regarding the Consumer Financial Protection Bureau’s (CFPB) constitutionality and the scope of its enforcement authority. The two issues arise from a 2017 enforcement action taken by CFPB against the National Collegiate Loan Trusts for engaging in forbidden debt-collection and litigation practices.

Read on for more details.

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Education fraudster settles with DFPI

Posted Date: Monday, February 28, 2022
Danny Yen, owner of Real Estate Educational Services and defendant in a multi-state lawsuit, has settled with the California Department of Financial Protection and Innovation, Maryland’s Office of the Commissioner of Financial Regulation, and the Oregon Division of Financial Regulation.

The settlement relates to a scheme where Yen fraudulently reported loan originators (LOs) completing required education courses. He also sat for courses in LOs’ stead, for a fee.

Read on for more details.

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