Tag Archives: CFPB

Georgia Court Sheds Light on CFPB’s Power to Sue Companies that ‘Recklessly Provide Substantial Assistance

On September 1, 2015, the Consumer Financial Protection Bureau (“CFPB”) won an important decision in which a federal court, for the first time, interpreted the meaning of “recklessly provid[ing] substantial assistance” under the Consumer Financial Protection Act (“CFPA”). Perhaps since it was an order denying the defendants’ motions to dismiss released just before the Labor … Continue Reading

CFPB and DOJ Issue Consent Order for Mortgage Lender to Pay $27 Million to Mitigate Illegal Redlining Activities

On September 24, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the Department of Justice (“DOJ”) announced a joint action against New Jersey-based Hudson City Savings Bank for discriminatory redlining practices that denied residents of majority-Black-and-Hispanic neighborhoods fair access to mortgage loans.  The agencies allege that the bank took steps to avoid, and thereby discourage, applications … Continue Reading

Adjusting to CFPB’s Auto Finance Examination Authority

On July 31, 2015 the Consumer Financial Protection Bureau rule that enables the CFPB to supervise the biggest nonbank automobile finance companies will take effect, subjecting the auto finance industry to new and unprecedented regulatory scrutiny. Finance companies across the country are bracing for their first CFPB examinations. Given the recent CFPB settlement with one … Continue Reading
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