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CFPB and DOJ Continue Aggressive and Controversial Enforcement Efforts Against Indirect Auto Lenders with Enforcement Action Against Toyota Motor Credit Corporation

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On February 2, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint enforcement action against indirect auto lender Toyota Motor Credit Corporation (Toyota Motor Credit) for alleged discriminatory lending practices in violation of the Equal Credit Opportunity Act (ECOA). The CFPB and DOJ... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

House of Representatives Issues Part II of Report Criticizing CFPB’s Auto Lending Enforcement Efforts

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On January 20, 2016, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed Anti-Fraud Safeguards to Achieve Political Goals, which criticizes the Consumer Financial Protection Bureau (CFPB) for its actions following... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Releases Monthly Complaint Report for December 2015 and Highlights New York Metro Area Complaints

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On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for December 2015, which provides an overview of three-month trends in consumer complaints.  This Monthly Report highlights consumer complaints related to “other financial service,” such as debt settlement, check cashing, money orders, and credit... Read More

Topics: Banking, CFPB, Litigation

CFPB’s First Public Enforcement Action of 2016 is Against Colorado Auto Sales Company

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On January 21, 2016, the Consumer Financial Protection Bureau (CFPB) announced an administrative enforcement action against Y King S Corp., d/b/a Herbies Auto Sales (Herbies), a buy-here pay-here used car dealer located in Greeley, Colorado. Herbies is a car dealer that sells cars and originates the related auto loan, without... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Enters Into Stipulated Consent Order to Resolve Enforcement Action Against Debt Collection Law Firm

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On December 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it filed a proposed consent order in federal court in the Northern District of Georgia that, if approved by the court, will resolve a lawsuit against Frederick J. Hanna & Associates, a Georgia-based debt collection law firm, and... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Releases Monthly Complaint Report for November 2015

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On December 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for November 2015, which provides an overview of three-month trends in consumer complaints.  This Monthly Report also highlights consumer complaints related to money transfers and consumer complaints from Georgia. Money Transfer Complaint Spotlight As... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Announces Three Separate Enforcement Actions: Two Against Online Lead Originators and One Against “Buy-Here, Pay-Here” Auto Dealer and its Affiliated Finance Company

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On December 17, 2015, the Consumer Financial Protection Bureau (CFPB) announced three separate enforcement actions against two online lead originators and a so-called “buy-here, pay-here” auto dealer and its affiliated finance company. Lead Originators Enforcement Actions The CFPB brought two separate enforcement actions against online lead originators.  In the first... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Takes Action Against Debt Collection Firm EZCORP, Inc. and Issues In-Person Debt Collection Compliance Bulletin

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On December 16, 2015, the Consumer Financial Protection Bureau (CFPB) announced an administrative enforcement action against debt collection firm EZCORP, Inc. (EZCORP), for allegedly engaging in illegal debt collection practices in violation of the Electronic Fund Transfer Act (EFTA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act of... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Takes Action Against Debt Collection Firm Collecto, Inc. d/b/a EOS CCA

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On December 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against debt collection firm Collecto, Inc. d/b/a EOS CCA (EOS) for allegedly violating the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFBP’s... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation