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ARTICLE · 06 AUGUST 2012

Another CFPB Milestone - First NonBank Enforcement Action

Venable LLP
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In a first of its kind lawsuit under the Consumer Financial Protection Act of 2010 ("CFPA"), on July 18, 2012, the CFPB filed an action under seal against a loan modification law firm, principal, affiliates, and subsidiaries in the Central District of California.

United StatesMedia, Telecoms, IT, Entertainment
Jonathan Pompan
Jonathan Pompan

In a first of its kind lawsuit under the Consumer Financial Protection Act of 2010 ("CFPA"), on July 18, 2012, the CFPB filed an action under seal against a loan modification law firm, principal, affiliates, and subsidiaries in the Central District of California. Not unexpectedly, this case mirrors the type of actions the FTC has been bringing over the last several years in such areas as payday loans, debt relief, and loan modification.

The CFPB obtained an ex parte (without notice) temporary restraining order ("TRO"), including an asset freeze, appointment of a temporary receiver, and immediate access to defendants' business premises. This action also marks the first Bureau enforcement action against nonbank financial services providers, including a lawyer and his marketing and advertising affiliates. Copies of the CFPB's complaint and memo in support of its request for an ex parte TRO can be found here. The case does not appear yet on the CFPB website.

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