This year marked the fifth anniversary of the Consumer Financial Protection Bureau, and the bureau’s enforcement activity did not slow in its quinquennial year. In 2016, the CFPB continued to secure large dollar judgments and settlements in its mission to protect consumers from unfair and deceptive acts or practices. The CFPB brought actions against credit card companies, for-profit colleges, auto lenders, and debt collectors, among others, while the activities at issue encompassed the entire lending process, from questionable assurances and disclosures to illegal debt collection practices.
This article, previously published in the Banking and Finance Law Daily, highlights the five largest monetary recoveries by the CFPB in 2016.
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