Links in “Fines, Penalties, Suits, and Settlements”
- Lawsuit Alleges CFPB Threatens Fundamental Privacy and Financial Security
Morgan Drexenâs lawsuit alleges the CFPB to be unconstitutional and "out-of-control government" agency. [7/24]
- CFPB Files Complaint Against Lender for Steering Borrowers to High Cost Loans
CFPB alleges Utah mortgage bank violated the Federal Reserve's loan officer compensation rule, which bans compensation based on a loan's terms such as interest rates; bank vigorously denies allegations. [7/24]
- CFPB Sued for Its Data Collection Practices
Legal support firm sues CFPB, which has demanded that the firm turn over "a vast collection of personal and sensitive financial data" about the clients of attorneys supported by the firm; firm says these demands are unconstitutional, and that complying would be a violation of attorney-client privilege. [7/23]
- AMG Settles on Debt Collection Charges
Partial settlement against EFTA and UDAAP violations on payday lender with additional ruling that affiliated American Indian Tribe entities remain under coverage of TILA, FTC Act (UDAAP) and EFTA. [7/22]
- Natalie v. McDonalds: Member Sues for Direct Deposit to Her CU
A former McDonaldâs employee wanted to have her paycheck directly deposited to her credit union account. However, McD's required that she receive her pay in the form of a reloadable payroll card with onerous fees. Natalie Gunshannon claims that she would not have incurred any fees through her CU account and debit card and has filed a class action suit against McDonalds. [7/19]
- Proper Language in Your Documents Can Make or Break a Member Lawsuit
The case studies presented in this article demonstrate the importance of having specific language in your loan and account documents that reflects current state and federal law. [7/16]
- NCUA Loses Lawsuit Against Barclays
A district court in Kansas ruled yesterday that NCUA was too late in filing its claim against Barclays; NCUA, which will likely appeal, had sued Barclays over losses from mortgage backed securities it sold to U.S. Central FCU and Western Corporate FCU. [7/11]
- Bank Refuses to Honor 1982 Cashier’s Check
Circuit court judge agrees with 73-year-old man and orders Wells Fargo to pay $10,768; Wells Fargo is appealing. [7/11]
- “Disparate Impact” on Trial: Case Before the Supreme Court On Hold
A NJ town that demolished a predominantly minority neighborhood is being sued for "disparate impact," but is arguing that the intent to discriminate must be proved; SCOTUS may not weigh in on this Fair Lending matter after all, as both sides have requested a delay in court proceedings to Aug. 1 to seek a settlement. [7/8]
- TILA Lawsuits Down, But Not Out
16 lawsuits in federal courts over alleged Truth in Lending violations in May, less than half filed a year earlier; but new regulations and a heavier focus on consumer protection are inspiring fears that litigation could increase. [7/5]
