Goodwin’s Consumer Finance Insights (CFI) monitors, reports, and analyzes the latest legal news, activity, and developments impacting the consumer finance industry. Consumer financial services companies—whether banks, fintechs, nonbank and alternative lenders, payment providers, or industry vendors or service providers, like digital advertisers and lead generators—face a constantly shifting and maturing regulatory and legal landscape. Growing from the Financial Crisis, today more than any time in history the consumer finance industry must confront a robust and growing body of industry legislation and regulation, all while under the microscope of sophisticated enforcers, like the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and state regulators and attorneys general. It is critical for in-house and outside corporate counsel, compliance departments, and business executives to stay informed and aware of these developments to navigate institutional, reputational, and legal risks. Goodwin’s CFI is a singular source of the most recent industry news and latest enforcement activity for you to leverage. Here, you will find links to original enforcement documents, enforcement activity statistics, and reports, analysis, and commentary from Goodwin’s leading Consumer Financial Services Litigation and Enforcement practitioners.

CFPB Files Suit Against Bank For Alleged Savings Account Interest Rate Freezing

On January 14, 2025, the CFPB announced ​that it had filed a complaint against a large national bank​​ for alleged ​violations of the Consumer Financial Protection Act (CFPA), the Truth in Savings Act (TISA) and TISA’s implementing regulation, Regulation DD,​ regarding the bank’s alleged improper interest rate practices. According to the CFPB’s complaint, the bank offered a…

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New York Attorney General Reaches $725,000 Settlement with Credit Reporting Provider to Resolve Allegations of Inaccurate Credit Reporting

On January 14, 2025, New York Attorney General Letitia ​James announced that the state had entered into a settlement​ with a national credit reporting provider​ to resolve allegations that the provider had ​harmed consumers by disseminating incorrect credit reporting information to lenders.​ According to the Attorney General, the credit reporting provider ​implemented a change to…

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51 State Financial Regulatory Agencies Enter Settlement and Consent Order with Nonbank Mortgage Servicing Companies

​On January 9, 2025, 51 State Financial Regulatory Agencies (the “Agencies”) announced a coordinated consent order and settlement agreement with nonbank mor​tgage servicing companies (the “Companies”). This action came following a data breach that impacted 5.8 million customers, allegedly due to deficient cybersecurity practices, and for lack of cooperation with state regulators. The Companies are licensed as…

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CFPB Sues Consumer Reporting Agency Regarding Investigations of Consumer Disputes

On January 7, 2025, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against a nationwide consumer reporting agency (“Agency”) under the Fair Credit Reporting Act (“FCRA”) and the Consumer Financial Protection Act of 2010 (“CFPA”). The CFPB claims that the Agency inadequately reinvestigated consumer disputes that challenged the information found in consumer…

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Massachusetts Division of Banks Issues Consent Orders Over Vehicle Repossession Practices

In late 2024, the Massachusetts Division of Banks (the “Division”) announced consent orders with four auto finance companies resolving allegations of improper repossession of motor vehicles. On November 4, 2024, the Division announced that it had entered into a consent order with a motor vehicle sales finance company that also operates as…

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Massachusetts Commissioner of Banks Enters Into Consent Order With Third Party Loan Servicer

​​On December 31, 2024​, the Massachusetts Commissioner of Banks entered into a consent order​ with a third party loan servicer (the “Company”), for allegedly engaging in the business of loan servicing in Massachusetts without the appropriate registration. The Company is a California corporation operating in Massachusetts. While records show that the Company submitted…

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DFPI Obtains $300,000 in Refunds and Penalties from Crypto Lending Platform

On December 23, 2024, The California Department of Financial Protection and Innovation (DFPI) announced a consent order with a crypto lending platform (the Company)​​​​ that provides financial services to retail and institutional customers to resolve the Department’s investigation into the Company’s lending program. The DFPI alleged that the Company breached the California…

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FTC Receives Temporary Restraining Order Against Student Loan Servicer

On December 9, 2024, the Federal Trade Commission (FTC) announced it received a temporary restraining order against a student loan servicer over allegations the servicer and its operator misled consumers into thinking they were receiving student debt relief and forgiveness. According to the FTC’s complaint, the Nevada-based servicer and its operator made telemarking calls and…

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CFPB Sues Bank Regarding Allegations of Fraud Against Benefit Recipients

​On December 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had filed suit against a bank subsidiary of a financial services company for allegedly disconnecting customer service calls, charging illegal ATM fees, misleading fraud victims, imposing illegal terms ​​of service on consumers seeking to stop payments, failing to investigate account…

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CFPB Permanently Bans Student Loan Servicer

On December 4, 2024, the CFPB announced that it entered into a proposed stip​​ulated judgment with a student loan servicer and its owner, resolving allegations that the student loan servicer violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA). According to the judgment, the servicer at issue and its owner illegally…

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Minnesota AG Enters into Consent Order Over High-Cost Online Lenders, Discharging Over $1 Million in Loans

On Tuesday, November 26, the Minnesota Attorney General’s office (AG) announced it filed a consent order to resolve allegations that online lenders were charging interest on loans in excess of the amounts prescribed under Minnesota usury laws.  Under the consent order, over $1 million in allegedly illegal loans were discharged….

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CFPB Enters Into $95 Million Consent Order with Credit Union to Resolve Allegations of Improper Overdraft Fee Practices

​On November 7, 2024, the CFPB ann​ounced​​ that it had entered into​ a consent order with a major credit union​​ resolving ​allegations that the credit union improperly assessed overdraft fees against consumers​​. The credit union agreed to pay nearly $95 million to resolve the allegations. ​​In its ​consent order​, the CFPB​ alleged that…

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California DFPI Revokes Lending License from Crypto Lender

On November 7, 2024, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a settlement agreement​ with a cryptocurrency lender resolving allegations that the lender violated the California Financing Law (“CFL”). This action follows an examination by the DFPI in which the Department found that the crypto lender violated the CFL by (1) failing to consider…

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FTC Files Suit Against Online Cash Advance Provider for Allegedly Deceptive and Misleading Conduct

On November 5, 2024, the FTC announced​ that it had filed suit against a California-based online cash advance provider for allegedly deceptive and misleading advertisements and representations, in violation of the FTC Act, 15 U.S.C. § 45(a), and the Restore Online Shoppers’ Confidence Act (“ROSCA”), 15 U.S.C. § 8403.z According to…

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FTC Sues Debt Collector Over Alleged Deceptive Practices

​On November 4, 2024, the FTC​ an​nounced ​that it had filed suit against a ​Georgia-based debt collector​ for engaging in allegedly deceptive and abusive​ debt collection practices, in violation of the FTC Act, 15 U.S.C. § 45(a), the FDCPA, 15 U.S.C. §§ 1692-1692p, and its associated Regulation F, 12 C.F.R. Part 1006, and the Gramm-Leach-Bliley…

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