CFPB fined $ 20 million against mortgage lender’s director


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

U.S. District Judge Stanley Blumenfeld Jr. said in his judgment Thursday 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 CFPB’s offer of a maximum civil fine of over $ 116 million and Nesheiwat’s proposal of a maximum fine …

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