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Think Compliance
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Compliance solutions for financial service firms of all sizes and stages of development.
Compliance solutions for financial service firms of all sizes and stages of development.

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Wells Fargo earns failing lending rating based on discriminatory credit practices

On Tuesday, Wells Fargo disclosed that the Office of the Comptroller of the Currency (OCC) downgraded the bank’s latest Community Reinvestment Act Performance Evaluation rating to “needs to improve,” the second-lowest of four possible ratings. Enacted by…

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On March 24, 2017, the Federal Trade Commission (FTC) issued a press release announcing a consent order with American Municipal Services Corporation, a debt collection company accused of engaging in illegal collection tactics. American Municipal Services…

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On March 27, 2017, the North Carolina Attorney General (AG) issued a press release announcing that a settlement with a student loan company that allegedly operated a “student loan debt relief scheme.” According to the press release, Student Loan Group, a…

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On March 23, 2017, the CFPB announced in a press release that it had entered into a consent order with Experian to resolve allegations that the credit reporting agency had misrepresented the credit scores it marketed and sold to consumers. Under the terms…

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Earlier this week, Chris D’Angelo, the CFPB’s Associate Director of Supervision, Enforcement and Fair Lending, discussed the CFPB’s plans to initiate its review of major mortgage regulations, including the qualified mortgage rule which established…

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House engages in heated debate about constitutionality of the #CFPB

On March 21, 2017, the House Financial Services Committee’s Subcommittee on Oversight and Investigations conducted a hearing entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.” The hearing featured four witnesses: Ted Olson,…

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House subcommittee holds hearing on CFPB’s constitutionality.

On March 21, 2017, the Subcommittee on Oversight and Investigations of the House Committee on Financial Services will hold a hearing entitled “The Bureau of Consumer Financial Protection’s Unconstitutional Design.” Based on the title of the hearing, isn’t…

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Can Trump fire CFPB Director Cordray? The DOJ says he can.

Earlier this month, the DOJ filed an unopposed motion for leave to file an amicus brief which indicated that the Trump Administration might be switching sides in the legal battle, departing from the position that the DOJ took under President Obama. So it…

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FTC orders telemarketing scheme operators to pay $7.5 million in consumer redress

On March 13, 2017, the FTC issued a press release announcing that it reached a settlement with the operators of a telemarketing scheme that had allegedly harmed thousands of consumers across the country. According to the FTC, many of the consumers…

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CFPB fines Nationstar $1.75 million for HMDA violations

On March 15, 2017, Nationstar Mortgage entered into a consent order with the CFPB to resolve alleged violations of the Home Mortgage Disclosure Act (HMDA). Nationstar will pay a $1.75 million civil money penalty for what the CFPB has termed “persistent…
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