Sentences with phrase «violating federal consumer financial laws»
The Dodd - Frank Wall Street Reform and Consumer Protection Act signed into federal law by President Barack Obama in 2010 authorized the creation of the CFPB which has the authority to take action against institutions or individuals engaging in unfair, deceptive, or abusive acts or practices or violating federal consumer financial laws.
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The complaint alleges that «Navient has failed to perform its core duties in the servicing of student loans, violating Federal consumer financial laws as well as the trust that borrowers placed in the company.»
A CFPB spokesperson said in an email to Vox that the bureau is authorized to take «supervisory and enforcement action against certain institutions engaged in unfair, deceptive, or abusive acts or practices, or that otherwise violate federal consumer financial laws,» including the failure of institutions to engage in «reasonable data security practices» in connection with consumer report information.
Enforcement Action Pursuant to the Dodd - Frank Act, the CFPB has the authority to take action against institutions or individuals engaging in unfair, deceptive, or abusive acts or practices or that otherwise violate federal consumer financial laws.
Not exact matches
In April 2017 the Consumer Financial Protection Bureau filed an enforcement action asserting that Golden Valley and three other lenders were engaged in unfair debt collection practices because they violated state usury laws, and also failed to disclose the effective interest rates, violating the federal Truth in Lending law (enacted in 1969).