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Home » Topics » Inside the CFPB » Enforcement

Enforcement
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Jewelry Retailer Fined for Unauthorized Accounts

January 28, 2019
Sterling Jewelers will pay $11 million in penalties to settle claims that it opened credit accounts without consumer consent.
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USAA to Pay $15.5 Million in Fines, Restitution to Clients

January 14, 2019
The CFPB has ordered USAA Federal Savings Bank to pay $15.5 million in restitution and fines to settle claims it neglected consumers’ stop payment requests and reopened accounts without consent. The consent order is the first one under the leadership of Director Kathy Kraninger.
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In 2019, CFPB to Enforce the Law, Encourage Innovation

January 14, 2019
In a New Year’s message, Director Kathy Kraninger said the CFPB will “vigorously enforce the law” and encourage market innovation.
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DOJ Argues CFPB Unconstitutional, Waiting for Kraninger’s Comment

December 21, 2018
The U.S. Department of Justice in December filed a brief with the U.S. Supreme Court arguing that the CFPB’s leadership structure is unconstitutional.
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Deutsche Bank, Investors Agree to Settle RMBS Cases in NY and CA; Wells Fargo Settles Dispute with Illinois

December 14, 2018
Deutsche Bank, asset managers and investors have agreed to settle their long-running dispute over the bank’s alleged failure to fulfill its obligations as trustee to more than 500 trusts backed by legacy residential MBS valued at more than $570 billion.
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FoA Agrees to FCA Settlement; DOJ, IGs Resolve Billing Fraud Case

December 14, 2018
Finance of America – a Blackstone Group portfolio company – has agreed to pay $14.5 million to the government to resolve allegations that its operating subsidiary, Gateway Funding Diversified Mortgage Services, knowingly endorsed ineligible loans, resulting in losses to the FHA insurance fund.
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CFPB Hammers VA Lender for Deceiving Borrowers on IRRRLs

December 14, 2018
The Consumer Financial Protection Bureau has filed a complaint and a proposed settlement against a Nevada lender for misleading borrowers on the benefits of VA streamline refinancing.
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An Adverse Court Ruling in Closely Watched Case Could Increase Servicer Liability Under FDCPA

December 13, 2018
Mortgage servicers are waiting anxiously for a U.S. Supreme Court ruling on whether the Fair Debt Collection Practices Act applies to non-judicial foreclosures.
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California Judge Tosses Class-Action Lawsuit Against Caliber Home Loans over Data Breach

December 13, 2018
A California court last month dismissed a borrower’s attempt to bring a class-action lawsuit against Caliber Home Loans over a security breach at the nonbank lender in early 2017.
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VA Lender Sued for Deceiving Veterans Regarding IRRRLs

December 10, 2018
The CFPB last week sued Village Capital & Investment for deceiving veterans regarding the Interest Rate Reduction Refinance Loans program.
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