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CFPB Sues Payday Lender for Hiding Repayment Options

Account Recovery

JULY 13, 2022

The Consumer Financial Protection Bureau yesterday filed a lawsuit against Populus Financial Group, which does business as ACE Cash Express, accusing the payday lender of hiding fee repayment plans from borrowers, allegedly inducing those consumers to pay $240 million in reborrowing fees.

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States Sue Bank Regulator to Overturn ‘True Lender’ Rule

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JANUARY 6, 2021

A group of eight state attorneys general filed suit yesterday in federal court in New York to block a rule that was issued by the Office of the Comptroller of the Currency that aimed to close a gap in the process of banks selling loans to third parties, such as debt buyers, arguing that the … The post States Sue Bank Regulator to Overturn ‘True (..)

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Legislation Proposed to Use CRA to Repeal OCC’s ‘True Lender’ Rule

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MARCH 26, 2021

In a sign of what may be to come, two members of Congress have announced plans to use the Congressional Review Act to repeal the Office of the Comptroller of the Currency’s “True Lender” rule, which was put into effect to help facilitate the sale of loans and portfolios from banks to debt buyers, among … The post Legislation (..)

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Mass. AG, Auto Lender Reach $5.6M Settlement Over Collection Practices

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FEBRUARY 21, 2022

An auto lender has agreed to pay $5.6 AG, Auto Lender Reach $5.6M million as part of a settlement with the Attorney General of Massachusetts over its debt collection practices, the AG’s office announced on Friday, affecting more than 1,000 borrowers throughout the state.

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Online Lender Discloses CFPB Investigation Into Collection Practices

Account Recovery

MARCH 5, 2021

a consumer finance lender that caters to Latino immigrants, disclosed yesterday that its lending and debt collection practices are being investigated by the Consumer Financial Protection Bureau as part of an apparent wider investigation into whether small dollar lenders have violated federal consumer protection laws. Opportun Inc.,

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CFPB Sues Online Lender for Violations of Military Lending Act

Account Recovery

DECEMBER 7, 2020

The Consumer Financial Protection Bureau on Friday announced it had filed a lawsuit against LendUp, an online lender, accusing it of violating the Military Lending Act, as part of a “broader Bureau sweep of investigations of multiple lenders” who might be violating the law.

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CFPB, NY AG Sue Auto Lender For Predatory Practices, Aggressive Collection Efforts

Account Recovery

JANUARY 5, 2023

The Consumer Financial Protection Bureau and the Attorney General of New York yesterday filed a lawsuit against an auto lender, accusing it of tricking consumers into high-cost loans on used cars that resulted in unaffordable monthly payments, vehicles being repossessed, and customers facing debt collection lawsuits.

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Lender to Pay $19M for ‘Widespread’ Credit Reporting ‘Failures’

Account Recovery

JULY 27, 2022

A copy of … The post Lender to Pay $19M for ‘Widespread’ Credit Reporting ‘Failures’ appeared first on AccountsRecovery.net.

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Colo. AG Reaches $3M Settlement With Auto Lender Over Origination, Collection Issues

Account Recovery

SEPTEMBER 13, 2021

AG Reaches $3M Settlement With Auto Lender Over Origination, Collection Issues appeared first on AccountsRecovery.net.

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Mass. AG Sues Auto Lender For Violating State Collection Call Limits, Among Other Accusations

Account Recovery

SEPTEMBER 1, 2020

a subprime auto lender, for knowingly originating loans to individuals even though it knew they would be unable to repay them, and then said the lender “harassed” those individuals by calling them as many as eight times a day in attempting to … The post Mass.

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Lenders to Make More Subprime Loans in 2022, Delinquency Rates Expected to Rise: TransUnion

Account Recovery

DECEMBER 22, 2021

Creditors and lenders are going to be a little more aggressive in their risk-taking in 2022, according to data provided by TransUnion, thanks to delinquency and charge-off rates that have remained stable through this year.

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Judge Grants Petition from CFPB to Enforce $50M Order Against Payday Lender, CEO

Account Recovery

AUGUST 2, 2021

A District Court judge in Kansas has granted a petition from the Consumer Financial Protection Bureau to enforce an administrative order that assessed more than $50 million in fines and restitution against an online lender and its chief executive, even though the order has been appealed to the Court of Appeals for the Tenth Circuit.

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FTC Returns More Than $3.7 Million To Consumers Harmed by Online Lender Avant

Account Recovery

JANUARY 28, 2022

million to consumers who lost money because of unfair and deceptive loan servicing practices by online lender Avant, LLC. Million To Consumers Harmed by Online Lender Avant appeared first on AccountsRecovery.net. The Federal Trade Commission is returning more than $3.7

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Daily Digest – July 13. CFPB Sues Payday Lender; Appeals Court Vacates Ruling in FDCPA Case

Account Recovery

JULY 13, 2022

CFPB SUES PAYDAY LENDER FOR HIDING REPAYMENT OPTIONS The Consumer Financial Protection Bureau yesterday filed a lawsuit against Populus Financial Group, which does business as ACE Cash Express, accusing the payday lender of hiding fee repayment plans from borrowers, allegedly inducing those consumers to pay $240 million in reborrowing fees.

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CFPB Fines Lender $2.25M for Misleading Veterans on Loan Costs

Account Recovery

AUGUST 30, 2024

This action comes after the CFPB found that the lender provided misleading cost comparisons to borrowers in North Carolina, Maine, and Minnesota, falsely making its loans appear less expensive than they were. The Consumer Financial Protection Bureau yesterday announced a $2.25

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Payday Lender Appeals $132M Restitution Award

Account Recovery

SEPTEMBER 8, 2020

A payday lender is appealing an administrative law judge’s ruling that it should repay $132 million in restitution to individuals who were misled regarding the terms of the loans they originated, were wrongfully required to provide access to their bank accounts, and had money taken from those accounts without their approval.

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CFPB Sues Online Lender for Violating Earlier Consent Order, Allegedly Deceiving Borrowers

Account Recovery

SEPTEMBER 9, 2021

Five years later, the company is essentially still … The post CFPB Sues Online Lender for Violating Earlier Consent Order, Allegedly Deceiving Borrowers appeared first on AccountsRecovery.net. million in fines and restitution for misleading borrowers about the cost of its loans and the benefits of repeated borrowing.

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TCPA Class-Action Filed Against Lender Accused of Making Collection Calls After Consent Had Been Revoked

Account Recovery

AUGUST 10, 2021

A class-action lawsuit has been filed against Harley-Davidson Financial Services, accusing the lender of violating the Telephone Consumer Protection Act and the Illinois Consumer Fraud and Deceptive Business Practices Act because it allegedly contacted the plaintiff on her cell phone after she had revoked consent to be contacted.

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Daily Digest – September 1. Mass. AG Sues Auto Lender For Violating State Call Limits; Calif. Legislature Approves State CFPB

Account Recovery

SEPTEMBER 1, 2020

AG SUES AUTO LENDER FOR VIOLATING STATE COLLECTION CALL LIMITS, AMONG OTHER VIOLATIONS The Attorney General of Massachusetts yesterday announced a lawsuit against Credit Acceptance Corp., AG Sues Auto Lender For Violating State Call Limits; Calif. Legislature Approves State CFPB appeared first on AccountsRecovery.net.

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CFPB, State AGs Settle With Private Lender; $330M of Student Loans to be Discharged

Account Recovery

SEPTEMBER 16, 2020

A copy of the complaint, filed … The post CFPB, State AGs Settle With Private Lender; $330M of Student Loans to be Discharged appeared first on AccountsRecovery.net.

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CFPB Issues Consent Order; Fintech Lender to Pay $11M in Fines, Refunds to Consumers

Account Recovery

JULY 13, 2021

The company, GreenSky, was accused of working with merchants — namely home … The post CFPB Issues Consent Order; Fintech Lender to Pay $11M in Fines, Refunds to Consumers appeared first on AccountsRecovery.net. million and requiring it to cancel or refund up to $9 million in loans.

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Mass. AG Reaches $27M Settlement With Auto Lender, Allegations Included Violating State Call Limits

Account Recovery

SEPTEMBER 2, 2021

AG Reaches $27M Settlement With Auto Lender, Allegations Included Violating State Call Limits appeared first on AccountsRecovery.net. A copy of the settlement agreement with Credit Acceptance … The post Mass.

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Online Lender to Pay $1.6M Fine In Settlement With Mass. AG Over Alleged Collection Abuses

Account Recovery

AUGUST 12, 2021

The company, Avant, was accused of making excessive telephone calls to individuals with unpaid debts and of failing … The post Online Lender to Pay $1.6M A company that services online loans made to consumers has agreed to pay $1.6 Fine In Settlement With Mass. AG Over Alleged Collection Abuses appeared first on AccountsRecovery.net.

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Daily Digest – February 21. Mass. AG, Auto Lender Reach $5.6M Settlement Over Collection Practices; Appeals Court Vacates Dismissal of FDCPA Suit

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FEBRUARY 21, 2022

AG, AUTO LENDER REACH $5.6M SETTLEMENT OVER COLLECTION PRACTICES An auto lender has agreed to pay $5.6 AG, Auto Lender Reach $5.6M APPEALS COURT VACATES DISMISSAL OF FDCPA … The post Daily Digest – February 21. APPEALS COURT VACATES DISMISSAL OF FDCPA … The post Daily Digest – February 21.

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OCC Issues ‘True Lender’ Final Rule To Help Facilitate Loan Sales

Account Recovery

OCTOBER 28, 2020

… The post OCC Issues ‘True Lender’ Final Rule To Help Facilitate Loan Sales appeared first on AccountsRecovery.net. The rule will go into effect 60 days after it is published in the Federal Register.

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Daily Digest – July 13. Emergency Collection Bills Introduced in D.C.; CFPB Issues Consent Order Against Fintech Lender

Account Recovery

JULY 13, 2021

CFPB Issues Consent Order Against Fintech Lender appeared first on AccountsRecovery.net. The bills were authored by Phil Mendelson, the chairman … The post Daily Digest – July 13. Emergency Collection Bills Introduced in D.C.;

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Daily Digest – September 13. Judge Grants MSJ For Defendant in FDCPA Case; Colo. AG Reaches $3M Settlement With Auto Lender

Account Recovery

SEPTEMBER 13, 2021

AG Reaches $3M Settlement With Auto Lender appeared first on AccountsRecovery.net. Those statements do not specifically violate the Fair Debt Collection … The post Daily Digest – September 13. Judge Grants MSJ For Defendant in FDCPA Case; Colo.

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Daily Digest – July 27. Judge Partially Grants MSJ for Defendant in FDCPA Case; Lender to Pay $19M For Credit Reporting ‘Failures’

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JULY 27, 2022

Judge Partially Grants MSJ for Defendant in FDCPA Case; Lender to Pay $19M For Credit Reporting ‘Failures’ appeared first on AccountsRecovery.net.

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FTC Bans Payday Lenders, Forgives Illegal Debt as Part of Settlement

Account Recovery

FEBRUARY 12, 2021

The settlement also includes a … The post FTC Bans Payday Lenders, Forgives Illegal Debt as Part of Settlement appeared first on AccountsRecovery.net.

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Lender Dismisses Collection Lawsuits, Vows to File Fewer After Practices Questioned

Account Recovery

JULY 29, 2020

A consumer finance lender that caters to Latino immigrants has agreed to dismiss all pending collection lawsuits it has filed and committed to filing 60% fewer cases in the future after consumer advocates and journalists started asking the company questions about its collection practices.

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Minnesota Attorney General Reaches Consent Order with Lenders Over Illegal Debt Collection Practices

Account Recovery

NOVEMBER 27, 2024

Minnesota Attorney General Keith Ellison announced yesterday that his office has filed a consent order to resolve an investigation into several online lenders under LDF Holdings LLC. All these entities operate under LDF Holdings, which is owned by the Lac du Flambeau Band of Lake Superior Chippewa Indians.

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Daily Digest – September 16. Site That Helps Consumers Respond to Collection Suits Launches Nationwide; CFPB, State AGs Settle With Lender

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SEPTEMBER 16, 2020

CFPB, STATE AGs SETTLE WITH PRIVATE LENDER; $330M OF STUDENT LOANS TO BE … The post Daily Digest – September 16. Site That Helps Consumers Respond to Collection Suits Launches Nationwide; CFPB, State AGs Settle With Lender appeared first on AccountsRecovery.net.

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CFPB Fines Lender $1.75M For Illegal Kickbacks

Account Recovery

AUGUST 18, 2023

The Consumer Financial Protection Bureau yesterday announced a mortgage lender was being fined $1.75 million for providing illegal incentives to real estate brokers and agents for referring business to the lender, including cash payments, paid subscription services, and catered parties.

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CFPB Denies Petition From Title Lender That Argued CID Was Too Broad

Account Recovery

MAY 11, 2021

The Consumer Financial Protection Bureau has denied a petition from an auto title lender to modify or set aside a civil investigative demand looking into the company’s debt collection practices, among other areas of the business, as well as denied a petition for confidential treatment of the inquiry.

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DFPI Fines Lender for Failing to Disclose Convenience Fees

Account Recovery

JANUARY 10, 2024

The California Department of Financial Protection and Innovation yesterday announced an enforcement action against an online lending platform that failed to disclose the existence of convenience fees to borrowers making payments online or over the phone when the customers entered into the agreement with the lender.

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CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

Consumer Finance

SEPTEMBER 18, 2023

Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.

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Daily Digest – July 29. Appeals Court Upholds Dismissal of FDCPA Suit Over Reporting of Multiple Debts; Lender Dismisses Collection Lawsuits

Account Recovery

JULY 29, 2020

Appeals Court Upholds Dismissal of FDCPA Suit Over Reporting of Multiple Debts; Lender Dismisses Collection Lawsuits appeared first on AccountsRecovery.net.

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CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans

Consumer Finance

AUGUST 6, 2024

The CFPB issued a report finding that some residential solar lenders are misleading homeowners and cramming markup fees into borrowers’ loan balances.

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Title Lender to Pay $15M in Penalties for Overcharging Military Families

Account Recovery

FEBRUARY 24, 2023

The lender was accused of making illegal loans to military families, altering documents so that the borrowers would not be identified as servicemembers, and … The post Title Lender to Pay $15M in Penalties for Overcharging Military Families first appeared on AccountsRecovery.net.

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CFPB Denies Petition to Set Aside CID From Payday Lender

Account Recovery

APRIL 17, 2023

The post CFPB Denies Petition to Set Aside CID From Payday Lender appeared first on AccountsRecovery.net.

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Redlining Accusations Lead to $9M Enforcement Action for Lender

Account Recovery

OCTOBER 16, 2024

This lack of outreach led to a much lower rate of loan applications from Black residents compared to similar lenders. ” Fairway highlighted that their lending volume in Birmingham’s Black neighborhoods was higher than other non-bank lenders, pointing to their efforts to serve all residents.

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CFPB Sues Lender for Failing to Submit Accurate Data

Account Recovery

OCTOBER 11, 2023

The Consumer Financial Protection Bureau yesterday filed a lawsuit against a mortgage lender, accusing it of violating a previous enforcement order to improve the accuracy of the data it submitted to the federal government by sending in data not once, but twice that had mistakes on it.

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Application for Debt Collection License Leads to Enforcement Action Against Online Lender

Account Recovery

FEBRUARY 13, 2023

Maybe … The post Application for Debt Collection License Leads to Enforcement Action Against Online Lender first appeared on AccountsRecovery.net. The post Application for Debt Collection License Leads to Enforcement Action Against Online Lender appeared first on AccountsRecovery.net.

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Daily Digest – May 12. Senate Passes Bill Repealing ‘True Lender’ Rule; Pa. Ag Recalls $18M in Accounts From Agencies

Account Recovery

MAY 12, 2021

Senate Passes Bill Repealing ‘True Lender’ Rule; Pa. Ag Recalls $18M in Accounts From Agencies appeared first on AccountsRecovery.net.

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CFPB Sues Payday Lender for Hiding Repayment Options

States Sue Bank Regulator to Overturn ‘True Lender’ Rule

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Legislation Proposed to Use CRA to Repeal OCC’s ‘True Lender’ Rule

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Mass. AG, Auto Lender Reach $5.6M Settlement Over Collection Practices

Online Lender Discloses CFPB Investigation Into Collection Practices

CFPB Sues Online Lender for Violations of Military Lending Act

CFPB, NY AG Sue Auto Lender For Predatory Practices, Aggressive Collection Efforts

Lender to Pay $19M for ‘Widespread’ Credit Reporting ‘Failures’

Colo. AG Reaches $3M Settlement With Auto Lender Over Origination, Collection Issues

Mass. AG Sues Auto Lender For Violating State Collection Call Limits, Among Other Accusations

Lenders to Make More Subprime Loans in 2022, Delinquency Rates Expected to Rise: TransUnion

Judge Grants Petition from CFPB to Enforce $50M Order Against Payday Lender, CEO

FTC Returns More Than $3.7 Million To Consumers Harmed by Online Lender Avant

Daily Digest – July 13. CFPB Sues Payday Lender; Appeals Court Vacates Ruling in FDCPA Case

CFPB Fines Lender $2.25M for Misleading Veterans on Loan Costs

Payday Lender Appeals $132M Restitution Award

CFPB Sues Online Lender for Violating Earlier Consent Order, Allegedly Deceiving Borrowers

TCPA Class-Action Filed Against Lender Accused of Making Collection Calls After Consent Had Been Revoked

Daily Digest – September 1. Mass. AG Sues Auto Lender For Violating State Call Limits; Calif. Legislature Approves State CFPB

CFPB, State AGs Settle With Private Lender; $330M of Student Loans to be Discharged

CFPB Issues Consent Order; Fintech Lender to Pay $11M in Fines, Refunds to Consumers

Mass. AG Reaches $27M Settlement With Auto Lender, Allegations Included Violating State Call Limits

Online Lender to Pay $1.6M Fine In Settlement With Mass. AG Over Alleged Collection Abuses

Daily Digest – February 21. Mass. AG, Auto Lender Reach $5.6M Settlement Over Collection Practices; Appeals Court Vacates Dismissal of FDCPA Suit

OCC Issues ‘True Lender’ Final Rule To Help Facilitate Loan Sales

Daily Digest – July 13. Emergency Collection Bills Introduced in D.C.; CFPB Issues Consent Order Against Fintech Lender

Daily Digest – September 13. Judge Grants MSJ For Defendant in FDCPA Case; Colo. AG Reaches $3M Settlement With Auto Lender

Daily Digest – July 27. Judge Partially Grants MSJ for Defendant in FDCPA Case; Lender to Pay $19M For Credit Reporting ‘Failures’

FTC Bans Payday Lenders, Forgives Illegal Debt as Part of Settlement

Lender Dismisses Collection Lawsuits, Vows to File Fewer After Practices Questioned

Minnesota Attorney General Reaches Consent Order with Lenders Over Illegal Debt Collection Practices

Daily Digest – September 16. Site That Helps Consumers Respond to Collection Suits Launches Nationwide; CFPB, State AGs Settle With Lender

CFPB Fines Lender $1.75M For Illegal Kickbacks

CFPB Denies Petition From Title Lender That Argued CID Was Too Broad

DFPI Fines Lender for Failing to Disclose Convenience Fees

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

Daily Digest – July 29. Appeals Court Upholds Dismissal of FDCPA Suit Over Reporting of Multiple Debts; Lender Dismisses Collection Lawsuits

CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans

Title Lender to Pay $15M in Penalties for Overcharging Military Families

CFPB Denies Petition to Set Aside CID From Payday Lender

Redlining Accusations Lead to $9M Enforcement Action for Lender

CFPB Sues Lender for Failing to Submit Accurate Data

Application for Debt Collection License Leads to Enforcement Action Against Online Lender

Daily Digest – May 12. Senate Passes Bill Repealing ‘True Lender’ Rule; Pa. Ag Recalls $18M in Accounts From Agencies

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