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CFPB Fines 3 Lenders for Implying Government Affiliation

Friday, February 13, 2015

Three mortgage lenders are facing civil action for false and misleading advertising.  The three were identified in a joint Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) sweep of about 800 newspaper and internet ads and U.S. mail solicitations.  Most of the ads were randomly selected for review although some came to the agencies' attention from consumer complaints.

The three are all accused of misleading consumers with advertisements implying U.S. government approval of their products.  All Financial Services is being sued in the U.S. District Court for Maryland and administrative consent orders have been filed against Flagship Financial Group, and American Preferred Lending.

 

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