On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in multiple loan servicing markets during CFPB examinations completed between July 1, 2022, and Feb. 1, 2023.

Click here to continue reading the full GT Alert.

Tags: auto loans, CFPB, Consumer Financial Protection Bureau, FDIC, financial regulation, GT Insight, mortgage servicing, student loan debt
Print:
Email this postTweet this postLike this postShare this post on LinkedIn
Photo of Benjamin M. Saul Benjamin M. Saul

Benjamin Saul is a shareholder in the firm’s Financial Regulatory and Compliance Practice. For two decades, Ben has handled high-stakes regulatory, enforcement, and litigation matters for corporate and individual clients in the consumer finance, specialty finance, fintech, and banking sectors.

Ben has helped

…

Benjamin Saul is a shareholder in the firm’s Financial Regulatory and Compliance Practice. For two decades, Ben has handled high-stakes regulatory, enforcement, and litigation matters for corporate and individual clients in the consumer finance, specialty finance, fintech, and banking sectors.

Ben has helped clients navigate dozens of contentious supervisory, enforcement, and litigation matters involving the Consumer Financial Protection Bureau (CFPB), and has been a leader in the private bar on CFPB matters since the Bureau’s inception in 2011. He also routinely assists clients in matters involving the FTC, DOJ, HUD, OCC, FRB, FDIC, state financial services authorities, state attorneys general, and state civil rights commissions. Ben’s enforcement matters have concerned fair lending and servicing, unfair deceptive and/or abusive trade practices, other federal and state consumer finance laws, AML/BSA, troubled or failed banks, fiduciary duties, financial institution fraud, supervisory ratings, and other safety and soundness issues.  These matters often have involved parallel proceedings by multiple enforcement agencies and/or private parties.

Ben also advises lenders, servicers, alternative financial service providers, and money service businesses on product and service development, licensing, compliance program enhancement, and the applicability of federal and state consumer credit and other financial services laws. He frequently helps clients understand how financial services law maps onto new technologies and innovative products, having worked on matters involving big data, artificial intelligence, marketplace and online lending, blockchain, digital assets and cryptocurrencies, digital banking, and payment systems.  In addition, Ben provides financial services regulatory support for corporate and capital markets transactions.

Read more about Benjamin M. SaulBenjamin's Linkedin Profile
Show more Show less
Photo of W. H. Langley Perry, Jr. W. H. Langley Perry, Jr.

Langley Perry focuses his practice on federal and state regulatory compliance and state licensing for companies engaged in money transmission, consumer lending and loan servicing, commercial and residential mortgage services, debt collection, and other financial services.

Langley works on nationwide state money transmitter…

Langley Perry focuses his practice on federal and state regulatory compliance and state licensing for companies engaged in money transmission, consumer lending and loan servicing, commercial and residential mortgage services, debt collection, and other financial services.

Langley works on nationwide state money transmitter, lending, servicing, and other license acquisition projects. He provides compliance advice across a broad range of laws applicable to banks, money services businesses and non-bank consumer finance companies. He has experience handling Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance program reviews and development as well as matters involving the Financial Crimes Enforcement Network (FinCEN) and the Foreign Corrupt Practices Act (FCPA). He also advises clients on matters involving the Consumer Financial Protection Bureau (CFPB) and other federal and state regulatory authorities with oversight of consumer financial and payments products and services.

Read more about W. H. Langley Perry, Jr.W. H. Langley's Linkedin Profile
Show more Show less
Photo of Janiell "Alexa" Gonzalez Janiell "Alexa" Gonzalez

Janiell A. Gonzalez focuses her practice on digital payments, money service businesses, money transmitter licensing, lender licensing, escrow licensing, and providing federal and state regulatory compliance guidance to cryptocurrency businesses, digital payment companies, fintechs, consumer and commercial lending companies, and banks. Janiell’s compliance…

Janiell A. Gonzalez focuses her practice on digital payments, money service businesses, money transmitter licensing, lender licensing, escrow licensing, and providing federal and state regulatory compliance guidance to cryptocurrency businesses, digital payment companies, fintechs, consumer and commercial lending companies, and banks. Janiell’s compliance related focus includes advice on matters concerning compliance with Bank Secrecy Act (BSA)/anti-money laundering (AML) laws and regulations, the Corporate Transparency Act and implementing regulations, and compliance with Office of Foreign Assets Control (OFAC) sanctions programs.

She also advises clients on matters involving the Consumer Financial Protection Bureau (CFPB) and other federal and state regulatory authorities with oversight of consumer financial and payments products and services. Janiell has a wide-ranging background in regulated entity compliance matters having served as an in-house corporate paralegal for large corporations in the health care and aviation industries. She now leverages this experience to provide strategic, practical and actionable advice to clients.

Read more about Janiell "Alexa" GonzalezJaniell's Linkedin Profile
Show more Show less
Related Posts
shutterstock_296369054
CFPB Metrics Report Shows Increased Scrutiny of Borrower Access to Servicers, Information, and Loss Mitigation Opportunities
May 19, 2022
loan agreement shutterstock_1084715807
CFPB Expands Anti-Discrimination by Applying UDAAP to Credit and Non-credit Products
March 21, 2022
shutterstock_599600549
Update: CFPB Finalizes Pandemic Mortgage Servicing Rules
June 30, 2021