CFPB Enforcement • File No. 2024-CFPB-0016 They Ran Out the Clock on Borrowers to Steal 16% of Their Loans EvilCorporations.com • CFPB Consent Order, December 9, 2024 • 26 min read TL;DR Who: Performant Recovery, Inc. (formerly Diversified Collection Services,…
Case File: 2024-CFPB-0008 – New Day Financial The NewDay Deception CFPB File No. 2024-CFPB-0008 TL;DR: The Receipts WHO: New Day Financial, LLC, a national mortgage originator specializing in VA loans for veterans. WHAT: The company created deceptive worksheets that made…
Redlining for Profit: Townstone Financial’s Air War On Black Chicago TL;DR The U.S. government, via the Bureau of Consumer Financial Protection, filed a lawsuit (Case No. 1:20-cv-04176) against Townstone Financial for illegal racial discrimination in mortgage lending between 2014 and…
THE CLIMB CREDIT FILE Case No. 1:24-cv-07868 TL;DR: The Receipts Climb Credit and its parent companies allegedly engaged in “deceptive and abusive acts” by falsely marketing student loans. They created a “sham” return-on-investment (ROI) analysis to give the appearance of…
The Architecture of Exclusion TL;DR: The Fairway Files THE ACCUSED: Fairway Independent Mortgage Corporation. THE CRIME: Systematically discriminating against Black communities in the Birmingham-Hoover, Alabama metropolitan area by redlining. This is a direct violation of the Fair Housing Act, the…
Corporate Misconduct • Consumer Finance Apple and Goldman Sachs’ $89 Million Broken Promise to Customers EvilCorporations.com • CFPB File No. 2024-CFPB-0012 • 26 min read TL;DR Apple and Goldman Sachs ran a credit card together and broke federal consumer protection…
Enforcement Action Navy Federal’s Overdraft Trap EvilCorporations.com • CFPB File No. 2024-CFPB-0014 • 4 min read The biggest credit union in America spent years charging its own members overdraft fees on transactions that never should have triggered a fee in…
CFPB Enforcement • Arbitration Fraud • File No. 2024-CFPB-0010 They Turned Legal Arbitration Into a Corporate Weapon Ejudicate, Inc. dragged 68 student borrowers into fake arbitration proceedings they never agreed to, pocketed a 15% contingency fee on any settlement, and…
Case File: The Climb Credit Deception The Climb Credit Deception CFPB v. Climb Credit, Inc., et al. | Case No. 1:24-cv-07868 | S.D.N.Y. TL;DR Receipts PREDATORY MODEL: Climb Credit and its parent companies posed as a “trusted intermediary” for students,…
TD Bank Poisoned Over 100,000 Credit Reports and Called It a System Error EvilCorporations.com • CFPB Case No. 2024-CFPB-0009 • 40 min read TL;DR TD Bank, one of the largest banks in the United States with $350 billion in assets,…