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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 […]
CFPB, OCC, and FDIC Take Action Against Bank For Ignoring Deposit Discrepancies WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds. […]
Residential Credit Solutions to Pay $1.5 Million for Servicing Wrongs WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Residential Credit Solutions, Inc. for blocking consumers’ attempts to save their homes from foreclosure. The mortgage servicer failed to honor modifications for loans transferred from other servicers, treated consumers as if they […]
Consumers Deceived by “Equity Accelerator” Claims to Receive $33.4 Million Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against Paymap Inc. and LoanCare, LLC for deceiving consumers with advertisements for a mortgage payment program that promised tens of thousands of dollars in interest savings from more frequent mortgage payments. Under the […]
Company to Pay $5.2 Million For Illegally Billing Over 100,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau filed a complaint and proposed consent order in federal court against Student Financial Aid Services, Inc. for illegal sales and billing practices. The Bureau alleges that the company, which until recently operated FAFSA.com, lured in […]
Discover’s Illegal Servicing Practices Affected Private Student Loan Borrowers Transferred from Citibank WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) took action against Discover Bank and its affiliates for illegal private student loan servicing practices. The CFPB found that Discover overstated the minimum amounts due on billing statements and denied consumers information they […]
Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Billing of Credit Card Add-On Products and Services, and Other Unlawful Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Citibank, N.A. and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by illegal practices related to […]
Bureau Puts Companies On Notice After Defense Department Rules Take Effect WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) sent letters this month to several companies that sell retail goods to military servicemembers, advising them to review their websites and other advertising for potentially misleading marketing and to review other practices related to payment […]
African-American, Hispanic, and Asian and Pacific Islander Borrowers Will Receive $24 Million WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) resolved an action with American Honda Finance Corporation that will put new measures in place to address discretionary auto loan pricing and compensation practices. Honda’s past practices resulted […]
Consumers Billed for Credit Reporting and Identity Theft Protection Benefits They Did Not Receive WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) took action against two credit card add-on product vendors – Affinion Group Holdings, Inc., Affinion’s affiliated companies, and Intersections Inc. – for unfairly charging consumers for credit card add-on benefits they […]
Company Mishandled Consumer Credit Reporting Disputes, Prevented Consumers From Exercising Debt Collection Rights WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. These practices potentially affected the credit scores […]
Auto Loan Company Misled Servicemembers About Consequences of Nonpayment WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) sued an auto loan company, Security National Automotive Acceptance Company, for aggressive debt collection tactics against servicemembers. In a complaint filed in federal court, the CFPB alleges that the company used a combination of illegal threats […]
Lender Ordered to Pay $228,000 Civil Penalty WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) ordered a California mortgage bank, Guarantee Mortgage Corporation, to pay a civil penalty of $228,000 for paying its branch managers based, in part, on the interest rates of the loans they closed. The Loan Originator Compensation Rule, which […]
WASHINGTON, D.C. — Today Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued a decision in the first appeal of a Bureau administrative enforcement proceeding. The Director’s decision concludes that PHH Corp., a mortgage lender, illegally referred consumers to mortgage insurers in exchange for kickbacks. He also issued a final order that prohibits PHH from […]
RPM CEO Erwin Robert Hirt to Pay Additional $1 Million Civil Penalty WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers […]