A federal judge in North Dakota has dismissed an action by the Consumer Financial Protection Bureau against a third-party payment processor.
The Costa Mesa, Calif., company told consumers the credit scores it marketed and provided were used by lenders to make credit decisions; lenders did not use those same Experian scores to make such decisions, the bureau said.
Ronald Rubin, a former enforcement attorney for the Consumer Financial Protection Bureau, has weighed in on the controversy swirling around the bureau.
This week, the Consumer Financial Protection Bureau entered into a consent order with Nationstar Mortgage that will require the lender to pay $1.75 million over HMDA violations.
Four-fifths of Americans are so unfamiliar with the Consumer Financial Protection Bureau they don’t have an opinion on it, according to a survey from CreditCards.com.
Brett Kavanaugh, the judge who issued a ruling in October declaring the CFPB’s structure unconstitutional, reiterated his doubts about the agency’s legitimacy in a recent dissent.
The bureau asked for the payment as part of a final judgment against Orion Processing LLC, a bankrupt company embroiled in an alleged debt-relief scheme that cost consumers millions in what the bureau called “exorbitant, illegal upfront fees.”