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Results 1 - 10 of 186 |
Posted Date: Wednesday, January 26, 2022
An Atlanta real estate agent was sentenced to two years, six months in prison after pleading guilty to participating in a mortgage-fraud scheme.
The conspiracy netted more than $21 million in fraudulent mortgage loans, many insured by the Federal Housing Administration (FHA). The case was investigated by the Department of Housing and Urban Development Office of the Inspector General, the Federal Bureau of Investigation, and Federal Housing Finance Agency Office of Inspector General.
Read on for more details. Read on »
Posted Date: Friday, January 21, 2022
Over 400 mortgage loan originators (LOs) have been slapped with a fine and three-month suspension in the culmination of a multi-state investigation led by the California Department of Financial Protection and Innovation.
It was alleged these LOs falsely claimed they completed a continuing education requirement they did not in fact attend, despite receiving credit. A course provider located in Carlsbad, Calif. has been accused of signing off on this requirement without providing the educational course or materials.
Read on for more details. Read on »
Posted Date: Tuesday, January 18, 2022
The Consumer Financial Protection Bureau has settled a lawsuit regarding a 2019 task force the bureau chartered to provide recommendations to improve consumer financial laws and regulations.
The suit alleged the task force did not comply with the Federal Advisory Committee Act, a law meant to ensure there is adequate transparency into agency advisory committees.
Read on for more details. Read on »
Posted Date: Thursday, January 6, 2022
The Federal Trade Commission gave final approval to a settlement with Ascension Data & Analytics, LLC, a mortgage industry data analytics firm.
The complaint alleged the company violated the Gramm-Leach Bliley Act’s Safeguards Rule, requiring financial institutions to develop, implement, and maintain a comprehensive information security program and ensure third-party vendors are capable of implementing and maintaining appropriate safeguards for customer information.
Read on for more details. Read on »
Posted Date: Monday, October 25, 2021
The Consumer Financial Protection Bureau (CFPB), U.S. Department of Justice (DOJ), and the Office of the Comptroller of the Currency have filed an action against Trustmark National Bank for alleged discrimination against Black and Hispanic families.
The CFPB and DOJ allege the bank discriminated by deliberately not marketing, offering, or originating home loans to consumers in majority-Black and Hispanic neighborhoods in the Memphis metropolitan area.
For more details about the action, read on. Read on »
Posted Date: Tuesday, October 12, 2021
The Consumer Financial Protection Bureau filed a complaint and a proposed consent order against American Advisors Group, a reverse mortgage lender which allegedly used inflated and deceptive home estimates to lure consumers into taking out reverse mortgages.
The bureau also alleged the company violated a 2016 administrative consent order.
For more details about the alleged violation, read on. Read on »
Posted Date: Tuesday, September 14, 2021
After more than three years since originally filed, the case against the Consumer Financial Protection Bureau regarding its 2017 payday lending rule has ended in the U.S. District Court for the Western District of Texas.
U.S. District Judge Lee Yeakel issued an order finding in favor of the bureau, but not without giving some leeway to the plaintiff associations.
Read on for more details. Read on »
Posted Date: Thursday, July 22, 2021
The Consumer Financial Protection Bureau entered a stipulation requiring the bureau to issue a notice of proposed rulemaking on the regulations to implement Section 1071 of the Dodd-Frank Act by Sept. 30, 2021.
The stipulation and proposed order are related to a case in the U.S. District Court for the Northern District of California.
Read on for more details. Read on »
Posted Date: Thursday, July 15, 2021
The Consumer Financial Protection Bureau issued a consent order against GreenSky, LLC, a nonbank fintech company headquartered in Atlanta, for enabling contractors and other merchants to take out loans on behalf of thousands of consumers without consent or authorization.
The bureau found the company engaged in unfair practices against their customers in violation of the Consumer Financial Protection Act of 2010.
For more details from the consent order, read on.
Read on »
Posted Date: Thursday, June 24, 2021
The U.S. Supreme Court sided with a lower court ruling determining the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional.
“FHFA’s structure violates the separation of powers, and we remand for further proceedings to determine what remedy, if any, the shareholders are entitled to receive on their constitutional claim,” Justice Samuel Alito wrote in the Court’s majority opinion.
For more details from the case, read on. Read on »
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