The Consumer Financial Protection Bureau (“CFPB”) recently announced that consumers that were unlawfully charged advance fees for debt-settlement services will receive refunds. State Attorneys General of North Carolina, New Mexico, North Dakota, Wisconsin, and the State of Hawaii Office of Consumer Protection all joined CFPB’s lawsuit, marking the first time […]
Monthly Archives: January 2013
USDOJ announces $45 Million False Claims Settlement
The U. S. Department of Justice last month announced a $45 million settlement of a False Claims Act case filed in the U.S. District Court for the Western District of North Carolina. Japanese-based Toyo Inc. and various affiliated companies have agreed to pay $45 million to settle claims that they […]
CFPB Halts Nationwide Mortgage Loan Modification Scams
The Consumer Financial Protection Bureau (“CFPB”) recently announced actions to shut down mortgage loan modification scams that had victimized thousands of distressed homeowners throughout the nation. The scams took in more than $10 million by charging consumers for services that falsely promised foreclosure avoidance assistance or renegotiation of mortgages. Federal […]
2012 Bank Fines Top $10 Billion
Banks were fined a record of more than $10.7 billion in 2012 for various misdeeds ranging from manipulating interest rates to improperly foreclosing on distressed homeowners. The record $10.7 billion total includes only what banks paid to U.S. and state authorities, not the additional billions global banks also agreed to […]