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Bureau Alleges Integrity Advance Misrepresented the Cost of Loans, Seeks Redress for Borrowers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against an online lender, Integrity Advance, LLC, and its CEO, James R. Carnes, for deceiving consumers about the cost of short-term loans. The Bureau alleges that the company’s contracts did […]
Operation Ripped Off Students and Families Applying for College Financial Aid WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced it is taking action to halt a nationwide student financial aid scam that allegedly ripped off tens of thousands of students and families across the country by illegally charging millions of dollars in […]
General Information Services and Affiliate Failed to Verify the Accuracy of Consumer Reports Sold to Employers about Job Applicants WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against two of the largest employment background screening report providers for failing take basic steps to assure the information reported about job applicants was […]
Court Rules that Corinthian Engaged in Deceptive Lending Practices and Illegal Debt Collection Practices WASHINGTON, D.C. — Yesterday, at the request of the Consumer Financial Protection Bureau (CFPB), a federal court entered a final default judgment against Corinthian Colleges, Inc., resolving a lawsuit filed by the CFPB in September 2014. The Bureau’s lawsuit against Corinthian […]
Bureau Sued Auto Lender Earlier This Year for Deception and Threats to Contact Commanding Officers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to servicemembers, for engaging in illegal debt collection practices. The order requires the […]
Westlake Services and Wilshire Consumer Credit Pressured Borrowers with Illegal Threats and Phony Caller IDs WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against an indirect auto finance company and its auto title lending subsidiary for pressuring borrowers using illegal debt collection tactics. The CFPB found that Westlake Services, […]
Company to Pay $18 Million to Minority Auto Borrowers, $3 Million to Credit Card Customers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank, for discriminatory auto loan pricing and for illegal credit card practices. The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action […]
Thank you. Today the Consumer Financial Protection Bureau and the Department of Justice are announcing a joint action against Hudson City Savings Bank for illegal redlining. We are filing a complaint which alleges that Hudson City structured its mortgage business to provide unequal access to credit products in majority-Black-and-Hispanic neighborhoods in New York, New Jersey, […]
Bank Illegally Denied Black and Hispanic Neighborhoods Fair Access to Mortgages WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for discriminatory redlining practices that denied residents in majority-Black-and-Hispanic neighborhoods fair access to mortgage loans. The complaint filed by […]
Report Also Includes In-Depth Look at Consumer Complaints in Denver, Colo. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaints snapshot, which highlights mortgage complaints. According to the report, consumers continue to face problems with mortgage servicing, particularly during certain circumstances, such as when they apply for a […]
Lawsuit Names Individuals Responsible for Bilking $67 million from 21,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau announced that it has obtained a preliminary injunction against World Law Group and its senior leaders for running a debt-relief scheme that charged consumers exorbitant, illegal upfront fees. The Bureau alleges the debt-relief scheme falsely […]
Thank you all for joining us on this call. Today the Consumer Financial Protection Bureau is taking action against Encore Capital Group and Portfolio Recovery Associates, the two largest debt buyers in the country, for their illegal debt collection activities. Encore and PRA demanded payments and filed lawsuits on debts that they knew very little […]
Encore and Portfolio Recovery Associates Must Refund Millions of Dollars and Overhaul Debt Collection and Litigation Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against the nation’s two largest debt buyers and collectors for using deceptive tactics to collect bad debts. The Bureau found that Encore Capital Group and Portfolio […]
Companies Hid Loan Interest Rates and Fees and Deceived Consumers About Other Terms of the Deal WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) and the New York Department of Financial Services (NYDFS) filed a lawsuit in federal court against two companies, Pension Funding, LLC and Pension Income, LLC, and three of the […]
Company to Pay $700,000 to Consumers Deceived About Terms of Deferred-Interest Financing for Dental Work WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Springstone Financial, LLC to provide $700,000 in relief to victims of deceptive credit enrollment tactics. Many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to […]