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The Consumer Financial Protection Bureau (CFPB) announced it is taking action against Nationwide Equities Corp., a top reverse mortgage lender with a footprint across 38 states in the U.S., for alleged deceptive advertising.
The CFPB is charging a penalty of $140,000 and mandating that Nationwide Equities review its practices after alleging that the company is using deceptive practices while marketing its reverse mortgage product.
The bureau found that advertisements from Nationwide Equities misled consumers about how much money they could receive from a reverse mortgage, the fees and costs associated with the products, and the consequences of nonpayment.
“Nationwide Equities misled borrowers into believing they could not lose their homes with a reverse mortgage,” CFPB Acting Director Dave Uejio said. “Reverse mortgages are complicated financial obligations that require careful consideration. Today’s action underscores the Bureau’s commitment to helping
SCOTUS rules FTC Act Section 13(b) does not authorize FTC to seek restitution or disgorgement | Ballard Spahr LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
In
Consumer Fin. Prot. Bureau v. Nat’l Collegiate Master Student Loan Trust, the District of Delaware dismissed a lawsuit brought by the Consumer Financial Protection Bureau (CFPB), alleging that a group of trusts that hold more than 800,000 private student loans engaged in unfair and deceptive practices. The District Court held that the CFPB’s attempt to ratify its prosecution was untimely and, therefore, constitutionally flawed in light of the Supreme Court’s decision in
Seila Law LLC v. Consumer Financial Protection Bureau.
In 2017, the trusts entered into a consent judgment with the CFPB, which the court denied due to a lack of authority by the trusts’ counsel. Several entities with financial interests in the loans held by the trusts intervened, arguing that the court lacked subject matter jurisdiction or alternatively that the CFPB’s action was now untimely.
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A&B ABstract: The CFPB’s inconsistent statements about the need for flexibility to address the pandemic suggest a deeper game afoot.
CFPB warns that continued COVID flexibility for financial institutions is not prudent…
On March 31, 2021, the CFPB announced it would be rescinding seven policy statements issued last year that provided financial institutions with flexibilities regarding certain regulatory filings or compliance with consumer financial laws and regulations due to the COVID-19 pandemic. One of the rescinded statements, for example, encouraged financial institutions to “work constructively with borrowers and other customers affected by COVID-19 to meet their financial needs” and to that end, “when conducting examinations and other supervisory activities and in determining whether to take enforcement action, the Bureau will consider the circumstances that entities may face as a result of the COVID
California DFPI Commissioner Alvarez Issues Strong Reminder to Debt Collectors Published on: 19 April 2021 at 09:00 a.m. ET April 19, 2021, 9 a.m. April 19, 2021, 10:19 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00047281-california-dfpi-commissioner-alvarez-issu/
Last week the California Department of Financial Protection and Innovation (DFPI) issued a reminder to future debt collector licensees and existing mortgage lenders and servicers about protections for California renters and homeowners experiencing economic hardship under the COVID-19 pandemic.
The DFPI will take all necessary actions to ensure debt collectors comply with the FDCPA, CFPA, and the COVID-19 Tenant Relief Act.
Here is the text of the reminder: