Links in “Fines, Penalties, Suits, and Settlements”
- CFPB Comes Calling to Verizon and Sprint
The CFPB has filed proposed orders in federal courts, requiring that Verizon and Sprint pay $120 million in customer refunds to redress illegal third-party charges to customers. Additionally, if approved, the companies would pay $38 million in federal and state fines. [5/13/15]
- CFPB Knocks Nationwide Biweekly
The CFPBâs most recent lawsuit is against Nationwide Biweekly for deceptive mortgage payments. Director Cordray stated that the CFPB will be âtaking action to end these illegal and deceptive practices, and to hold these companies accountable for their actions.â [5/12/15]
- CFPB Targets Redlining and False Mortgage Savings
The CFPB and the DOJ report they are using different screening methods that are revealing more evidence of redlining. With this data, the CFPB has taken action against Nationwide Biweekly Administration, Inc. for falsely representing that consumers would save money through its program. [5/12/15]
- “Interest Minimizer” Attracts Maximum CFPB Heat
The CFPB files suit against a pair of companies and their owner for deceptive practices concerning its biweekly mortgage payment program called "Interest Minimizer" that claimed customers could achieve savings without increasing their payments. [5/12/15]
- Is BofA’s $16.7 Billion Settlement Really $16.7 Billion?
Critics are citing instances where Bank of America may be claiming credit toward the $16.7 settlement it reached last year with the Justice Department by "forgiving" loans to borrowers that have already been discharged. [5/8/15]
- Dunder Mifflin Needs More Sensitivity Training
And apparently they're not the only ones in Scranton that do. The HUD announced a $100,000 agreement with "The Electric City" to resolve allegations of discrimination against people with disabilities. [5/7/15]
- Better Late than Never?
The NCUA announced Tuesday that 28 federally insured credit unions have agreed to pay civil money penalties for late filing of fourth-quarter 2014 Call Reports. Check out the list of offenders here. [5/6/15]
- Virtual Currency Gets its First Enforcement Action
FinCEN hits Ripple Labs with a $700,000 fine for BSA violations, alleging that the San Francisco-based startup operated in its early days as an unregistered money service business and neglected to comply with anti-money laundering rules. [5/6/15]
- Challenge to CFPB’s Constitutionality Fails
A divided D.C. Circuit Court affirms the dismissals of a lawsuit challenging the constitutionality of the CFPB on technical grounds. [5/5/15]
- Is Anybody Safe from the CFPB?
The CFPB has taken action against a land-development company, International Land Consultants, Inc. for misrepresenting marketing material to consumers regarding the state of the roads it was developing. [5/4/15]
