CFPB Enforcement Action against Wells Fargo and JPMorgan Chase

Congratulations to the CFPB for another enforcement action involving illegal kickbacks. This time the fines amounted to over 35 million dollars and involved two mortgage giants – Wells Fargo and JPMorgan Chase. The illegal conduct involved a title company providing “marketing services” to loan officers. Those services included providing loan officers with purchased consumer data and creating letters with the banks’ logos that the title company had printed, folded, stuffed and mailed.

Dual Agency Article by Mike Fleming, member of the William Mitchell Law Review

 William Mitchell Law Review Article by Micheal Fleming (click here to read it).