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Case Law


Results 1 - 10 of 173

FTC settles with 10 defendants in Sanctuary Belize RE scam

Posted Date: Monday, January 4, 2021
Ten individual and corporate defendants have agreed to settle with the Federal Trade Commission (FTC) on charges they participated in, controlled, or illegally benefitted from marketing of a real estate scam regarding the Sanctuary Belize development.

According to the FTC, the scheme took more than $120 million from consumers.

Read on for more details. Read on »

Ninth Circuit Court of Appeals upholds CFPB CID ratification

Posted Date: Thursday, December 31, 2020
The Ninth Circuit Court of Appeals issued a decision stating the Consumer Financial Protection Bureau (CFPB) was not required to start an investigation into Seila Law “from scratch”.

This ruling is a follow-up to the U.S. Supreme Court case in which the CFPB’s organizational structure was deemed unconstitutional. CFPB Director Kathy Kraninger then ratified the bureau’s actions after the Supreme Court’s decision, which sparked several challenges across the country on whether this ratification was appropriate.

For more details from the decision, read on.  Read on »

CFPB settles with mortgage servicer

Posted Date: Monday, December 21, 2020
The Consumer Financial Protection Bureau has issued a consent order against a mortgage servicer for violating the Consumer Financial Protection Act of 2010 and Regulation X.

The consent order requires the servicer to pay redress to harmed consumers, imposes a civil money penalty, and injunctive relief that would apply should the company engage in mortgage servicing in the future.

For more details, read on.  Read on »

Payday loan rule faces another challenge

Posted Date: Thursday, December 17, 2020
Another lawsuit has been filed concerning the Consumer Financial Protection Bureau’s (CFPB) payday loan rule.

The complaint challenges the 2020 repeal of the underwriting provision of the rule and alleges the CFPB relied on “arbitrarily truncated analysis” and executed the repeal without observance of the rulemaking procedure required by the Administrative Procedures Act.

To learn more about the plaintiff’s argument, read on. Read on »

Court rules lenders cannot rely on borrowers to satisfy ATR rule

Posted Date: Friday, November 13, 2020
In a case regarding the Dodd-Frank Act’s ability-to-repay provisions, the U.S. Sixth Circuit Court of Appeals determined the defendant bank violated the Truth-in-Lending Act by erroneously relying on the verbal statements from the plaintiff and his ex-wife regarding his income and failing to verify those statements with documentation.

For details on the case, read on.

Read on »

Judgment settles CFPB case against foreclosure relief firm

Posted Date: Tuesday, July 28, 2020

The Consumer Financial Protection Bureau announced it reached a stipulated final judgment with the last two defendants of a case it filed in September.

The case involved allegations against a foreclosure relief services company based in Texas and the company’s president and CEO.

Read on for more details.

Read on »

Court strikes down single-director structure of CFPB

Posted Date: Thursday, July 2, 2020

In a long-awaited decision, the Supreme Court struck down the for-cause protection provided to the director of the Consumer Financial Protection Bureau in the Dodd-Frank Act, saying it is “incompatible with the structure of the Constitution.”

In a 5-4 decision authored by Chief Justice John Roberts, the court declined to strike down the entire Dodd-Frank Act, as Seila Law, LLC, had asked it to do if the court found the structure unconstitutional.

Read on for details and reaction on the long-awaited decision.

Read on »

Market exchanges win court case over SEC pilot program

Posted Date: Friday, June 19, 2020

The American Securities Association touted a victory for market exchanges in a recent court case involving the Securities and Exchange Commission (SEC).

The District of Columbia Circuit Court of Appeals ruled that the SEC did not have authority to implement its Access Fee Pilot, which was created to gather data so the SEC might be able to determine in the future whether regulatory action was necessary.

Read on for more details from the case, and reaction from the association.

Read on »

CFPB cites group for deceptive, unfair acts

Posted Date: Tuesday, February 25, 2020
The Consumer Financial Protection Bureau, the South Carolina Department of Consumer Affairs and Arkansas Attorney General Leslie Rutledge have filed a lawsuit accusing several companies of helping to broker contracts that offered high-interest credit to disabled veterans and other consumers.

The case built on several previous bureau actions and charged the defendants with four counts of deceptive acts and one count of unfair acts.

Read on for more details about the latest enforcement action.

Read on »

Last Cordray action filed is settled for $7

Posted Date: Friday, February 7, 2020
The last enforcement action filed in court by the Consumer Financial Protection Bureau under the leadership of Richard Cordray has been resolved.

The bureau announced a settlement in its case against bankrupt debt collector Think Finance in which the companies who reportedly operated a $133 million online loan scheme will be forced to pay $7 in civil money penalties.

The CFPB announcement was made in conjunction with a bankruptcy settlement which is expected to create a fund of as much as $39 million in consumer redress. Read on for more details. Read on »
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