Legal Blog

Compensation and Compliance Matters: CFPB Zeroes in On Mortgage Advertising

Last week, RMK Financial Corp. agreed to a $250,000 fine in a consent decree pertaining to direct mailings to consumers. The CFPB alleged that RMK had engaged in unfair and deceptive advertising by sending out mailers that created the illusion that the lender was affiliated with the U.S. Government by directing borrowers to call their “VA Interest Rate Deduction Department” and the “FHA Streamline Department” and used the approved lending logos, along with referring to the lending scenarios as “distinctive program[s] offered by the Federal Government.” Click here to read the entire article on National Mortgage News. akaren@offitkurman.com  | 240.507.1740 Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can also connect with Offit Kurman via FacebookTwitterGoogle+YouTube, and LinkedIn. WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA | NEW YORK