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Category: 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.

Category: Press release |
Published

CFPB and New York Attorney General Take Action Against Companies that Cheated 9/11 Victims

The CFPB and the New York Attorney General today took action against RD Legal Funding, two related entities, and the companies’ founder and owner, Roni Dersovitz to resolve their claims that defendants engaged in deceptive and abusive acts or practices under the Consumer Financial Protection Act in connection with offering cash advances to people on their settlement payouts from victim-compensation funds.

Category: Press release |
Published

CFPB Takes Action Against Hello Digit for Lying to Consumers About Its Automated Savings Algorithm

The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the company falsely guaranteed no overdrafts with its product, broke its promises to make amends on its mistakes, and pocketed a portion of the interest that should have gone to consumers.

Category: Press release |
Published

CFPB Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers

Today, the Consumer Financial Protection Bureau (CFPB) took action against U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers, including imposing sales goals as part of their employees’ job requirements.

Category: Press release |
Published

CFPB, DOJ Order Trident Mortgage Company to Pay More Than $22 Million for Deliberate Discrimination Against Minority Families

Today, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area.

Category: Press release |
Published

CFPB Orders Hyundai to Pay $19 Million for Widespread Credit Reporting Failures

Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) for repeatedly providing inaccurate information to nationwide consumer reporting companies and failing to take proper measures to address inaccurate information once it was identified between 2016 and 2020.

Category: Press release |
Published

Federal Regulators Fine Bank of America $225 Million Over Botched Disbursement of State Unemployment Benefits at Height of Pandemic

The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) have fined Bank of America $225 million for botching the disbursement of state unemployment benefits at the height of the pandemic.

Category: Press release |
Published

CFPB Sues ACE Cash Express for Concealing No-Cost Repayment Plans and Improperly Withdrawing Consumers’ Funds

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit today accusing payday lender ACE Cash Express of concealing free repayment plans from struggling borrowers. Because of ACE’s illegal practices, individual borrowers paid hundreds or thousands of dollars in reborrowing fees, when they were in fact eligible for free repayment plans.

Category: Press release |
Published

CFPB Seeks Ban Against Operator of Student Loan Debt Relief Scam Reboot

Today the Consumer Financial Protection Bureau (CFPB) took action against the owner of a student-loan debt relief company for allegedly withdrawing hundreds of thousands of dollars from student borrowers’ bank accounts, without authorization. The CFPB alleges that Frank Gebase, Jr. controlled a company that took the borrowers’ money after obtaining their names and account information from a previous student-loan debt-relief scammer that the CFPB shut down.

Category: Press release |
Published

CFPB and New York Attorney General Shut Down Debt Collection Ring

The Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, filed a proposed stipulated judgment in federal court to settle its case against a debt collection enterprise and its owners and managers. The judgment would order all participants in the scheme, based in upstate New York, to exit the debt collection market after their history of deception and harassment. Their debt collection companies would also be shuttered and required to pay a total of $4 million in penalties.

Category: Press release |
Published

CFPB Bolsters Enforcement Efforts by States

Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. Because of the crucial role states play in protecting consumers, the Consumer Financial Protection Act grants their consumer protection enforcers the authority to protect their citizens and otherwise pursue lawbreakers.

Category: 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.

Category: Press release |
Published

CFPB Obtains Ban Against Debt Relief CEO Daniel Crenshaw

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner and CEO, Daniel Crenshaw, engaged in wrongful fee-charging practices and deceptive telemarketing.

Category: Speech |
Published

Director Chopra’s Prepared Remarks on the Lawsuit Against MoneyGram

Millions of individuals from around the world sacrifice proximity to their loved ones to seek a better life and financial stability in our country. But they know that on the other side, when their money transfers are received, they are supporting elderly parents, siblings, spouses, and sometimes their own young children. Each year, American families send more than $100 billion abroad using international money transfers, also known as remittances.

Category: Press release |
Published

El CFPB y la fiscal general de Nueva York demandan a MoneyGram, infractor reincidente, por dejar varadas a familias.

La Oficina de Protección Financiera del Consumidor (CFPB, por sus siglas en inglés) y la Fiscal General de Nueva York, Letitia James, anunciaron hoy que presentarán una demanda contra MoneyGram International, Inc. y MoneyGram Payment Systems, Inc. (MoneyGram), uno de los mayores proveedores de remesas en los EE. UU., por violar sistemática y repetidamente varias leyes de protección financiera del consumidor y dejar a familias varadas.

Category: Press release |
Published

CFPB and NY Attorney General Sue Repeat Offender MoneyGram For Leaving Families High and Dry

The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James today announced they are filing a lawsuit against MoneyGram International, Inc. and MoneyGram Payment Systems, Inc. (MoneyGram)—one of the largest remittance providers in the U.S.—for systemically and repeatedly violating various consumer financial protection laws and leaving families high and dry.

Category: Press release |
Published

消費者金融保護局和紐約州檢察長起訴 讓家庭處於無助境地的慣犯速匯金

消費者金融保護局(CFPB)和紐約州檢察長Letitia James今天宣佈,他們將對美國最大匯款服務公司之一MoneyGram International, Inc.和MoneyGram Payment Systems, Inc.(簡稱「速匯金」(MoneyGram))提起訴訟,因爲他們系統性地、反复地違反各種消費者金融保護法,讓家庭處於無助境地。該訴訟特別指控該公司未能及時向國外收款人匯款,從而導致客戶等待匯款。

Category: Speech |
Published

Director Chopra’s Prepared Remarks on the Repeat Offender Lawsuit Against TransUnion and John Danaher

Today, the Consumer Financial Protection Bureau (CFPB) has filed a major lawsuit against repeat offender TransUnion, two of its subsidiaries, and a longtime executive, John T. Danaher, for violating a 2017 law enforcement order.