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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!