CFPB Nabs $20M Penalty Against Mortgage Lender Exec

By Sarah Jarvis (September 24, 2021, 6:34 PM EDT) -- A California federal judge has ordered an executive of mortgage lender Monster Loans to pay a $20 million civil penalty to the Consumer Financial Protection Bureau, which accused him of illegally accessing credit reports for allegedly predatory student debt refinancing companies.

U.S. District Judge Stanley Blumenfeld Jr. said in Thursday's judgment that Jawad Nesheiwat, the chief operating officer of Monster Loans, recklessly violated the Fair Credit Reporting Act, the Telemarketing Sales Rule and the Consumer Financial Protection Act. The court rejected the CFPB's bid for a maximum civil penalty of more than $116 million and Nesheiwat's proposal for a maximum penalty...

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