CFPB Monitor

FEBRUARY 26, 2020

The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC. The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC.

South Carolina 78

South Carolina Arkansas New York Leadership 78

CFPB Monitor

OCTOBER 7, 2019

Brokering contracts in which investors took assignments of pensions as security for payment of a debt arising out of a consumer loan. The complaint alleges that the majority of the transactions involved veterans with federal disability pensions or other pensions issued to veterans.

South Carolina 60

South Carolina Arkansas Leadership Compliance 60

CFPB Monitor

AUGUST 7, 2019

” Rather, they argue that the advances are payments for compensation already earned. The first CFPB enforcement action under former Acting Director Mulvaney’s leadership was also filed against a pension advance company and alleged that the company made predatory loans to consumers that were falsely marketed as asset purchases.

Industry 92

Industry Puerto Rico South Dakota North Dakota 92

CFPB Monitor

JANUARY 24, 2019

Corbett violated the Consumer Financial Protection Act in connection with his brokering of contracts providing for the assignment of veterans’ pension payments to investors in exchange for lump sum amounts. Misrepresenting to consumers that the transactions were sales “and not high-interest credit offers”.

South Carolina 60

South Carolina New York Leadership Arkansas 60

PYMNTS

JANUARY 22, 2019

But since the departure of former Executive Director Richard Cordray in late 2017 – and under the leadership of Acting CFPB Director Mick Mulvaney – the agency began to evolve a different position on both the lenders and the rules created to rein them in. It is not news that is delighting consumer groups.

Lending 153

Lending South Carolina Regulation Groups 153