The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans. The CFPB found that NewDay USA gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s loans appear less expensive relative to their existing mortgages.
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in July 2024. There are no administrative hearings scheduled for September 2024. The FDIC issued 6 safety and soundness orders in July 2024, and one Amended Notice of Charges of Hearing issued in June 2024. The administrative enforcement actions in those orders consisted of two consent orders and four prohibition orders, and one Amended Notice of Charges of Hearing (Amended Notice) issued in June 2024.
The National Credit Union Administration in August 2024 permanently prohibited one individual from participating in the affairs of any federally insured depository institution.
In this special crossover episode of The Consumer Finance Podcast and FCRA Focus, host Kim Phan is joined by fellow Troutman Pepper partner Stefanie Jackman and Michelle Macartney, managing partner and chief compliance officer at Bridgeforce. Together, they delve into the complexities of reporting collections activity to consumer reporting agencies.
The healthcare sector, often burdened by slow and cumbersome payment processes, is undergoing a transformation aimed at alleviating financial strains. With a high volume of transactions and intricate billing systems, delays in payments have become a pressing issue, impacting cash flow and operational efficiency.
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