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Press release
Published

CFPB Fines Repeat Offender Enova $15 Million for Violating Order, Deceiving Customers, and Withdrawing Funds Without Consent

The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.
Press release
Published

CFPB Takes $19 Million Action Against Loan Doctor and Edgar Radjabli for Offering Fake High-Yield Bank Accounts

Today, the Consumer Financial Protection Bureau (CFPB) took action against Loan Doctor to resolve the CFPB’s claims that the company and its founder, Edgar Radjabli, broke the law by deceiving consumers into thinking they were depositing funds into a guaranteed return savings product within a commercial bank.
Press release
Published

CFPB Orders Scam’s Ringleaders to Pay More Than $8 Million to Consumers and Student Loan Borrowers

Today, the Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems (AMS), as well as AMS’s co-founders, Gregory Winters and Stephen Chaya, for collecting debt-relief fees from consumers, lying to consumers about when the fees would be paid to debt-relief companies, and sending illegal advance fees to debt-relief companies before they were legally allowed to do so.
Press release
Published

CFPB Bans Payment Processor BrightSpeed Solutions and Its Former CEO for Supporting Telemarketing Scammers Targeting Older Americans

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed final judgement and order with a federal district court that, if entered by the court, would resolve a March 2021 lawsuit brought by the CFPB against BrightSpeed Solutions and its founder Kevin Howard.
Press release
Published

CFPB Shutters Lending by VC-Backed Fintech for Violating Agency Order

Today, the Consumer Financial Protection Bureau (CFPB) announced that LendUp Loans has agreed to halt making any new loans and collecting on certain outstanding loans, as well as to pay a penalty, to resolve a September 2021 lawsuit alleging that it continued to engage in illegal and deceptive marketing in violation of a 2016 CFPB order. The lawsuit also accuses LendUp of violating fair lending regulations.
Press release
Published

CFPB Takes Action Against Fintech Company GreenSky for Enabling Merchants to Secure Loans for Consumers Without Their Authorization

The Consumer Financial Protection Bureau (CFPB) took action against GreenSky, LLC for enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them. The CFPB issued a consent order against GreenSky requiring the company to refund or cancel up to $9 million in loans for customers harmed by its illegal conduct, pay a $2.5 million civil penalty, and implement new procedures to prevent future fraudulent loans.
Press release
Published

CFPB Takes Action Against Company and its Owners and Executives for Deceptive Debt-Relief and Credit-Repair Services

The Consumer Financial Protection Bureau (CFPB) today filed a proposed order in federal district court against Burlington Financial Group and its owners and executives, Richard Burnham, Katherine Burnham, and Sang Yi, for allegedly deceiving consumers into hiring the company to lower or eliminate credit-card debts and improve consumers’ credit scores.
Press release
Published

CFPB Takes Action Against Company and its CEO for Deceptive Deposit and Loan Products

The Consumer Financial Protection Bureau (CFPB) today filed a proposed settlement against Driver Loan, LLC, and its CEO, Angelo Jose Sarjeant. If entered by the court, the settlement would require the defendants to refund about $1 million in deposits to harmed consumers, stop deceptive practices, and pay a civil penalty.
Press release
Published

CFPB Takes Action Against Debt-Settlement Company for Charging Consumers Unlawful Fees

The Consumer Financial Protection Bureau (CFPB) requested today that a federal district court enter a final judgment and order that, if entered by the court, would require DMB Financial, LLC to pay consumers at least $5.4 million for charging unlawful fees and failing to provide required disclosures to its customers, and a civil penalty. The CFPB alleges that DMB’s actions violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA).