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CFPB Takes Action Against Subprime Credit Reporting Company Clarity Services, Inc.

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On December 3, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against subprime credit reporting company Clarity Services, Inc. (Clarity), and its owner, Timothy Ranney (Ranney), for allegedly violating the Fair Credit Reporting Act (FCRA). Clarity, a Florida-based credit reporting company with operations throughout the United States,... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Releases Compliance Bulletin Related to Consumer Authorizations for Preauthorized Electronic Fund Transfers

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On November 23, 2015, the Consumer Financial Protection Bureau (CFPB) issued CFPB Compliance Bulletin 2015-06 to provide companies with guidance related to their obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E, when obtaining consumer authorizations for preauthorized electronic fund transfers (EFTs) from a consumer’s account. EFTA Background... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

House of Representatives Issues Report Blasting CFPB on the Heels of House Vote to Repeal CFPB’s Auto Lending Guidance

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On November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer Financial Protection Bureau (CFPB) for knowingly using unsound or weak methodology in challenging auto lending practices based... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Releases Monthly Consumer Complaint Report for October 2015

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On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for October 2015, which provides an overview of three-month trends in consumer complaints.  This Monthly Report also highlights consumer complaints related to “bank accounts and services” and consumer complaints from Connecticut. Bank Accounts or... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Takes Action Against Online Lender Integrity Advance, LLC

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On November 18, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it initiated an administrative proceeding against online lender Integrity Advance, LLC, and its CEO, for allegedly deceiving consumers about the cost of short-term loans. From May 2008 through December 2012, Integrity Advance originated and serviced short-term online loans... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation