The CFPB has amended a consent order against Wise US Inc., requiring the company to provide approximately $450,000 in consumer redress and pay a $44,955 civil money penalty. The order resolves violations related to deceptive marketing disclosures and failures to comply with EFTA and Regulation E requirements.
The CFPB fined Draper & Kramer Mortgage Corporation $1.5 million and banned it from residential mortgage lending for violations of the Equal Credit Opportunity Act. The Bureau has since issued a no-action letter, ceasing monitoring and enforcement of the consent order due to the company ceasing operations and the Bureau's resource prioritization.
The CFPB has taken enforcement action against Synapse Financial Technologies, Inc. for alleged violations of the Consumer Financial Protection Act, resulting in a $1 civil money penalty and injunctive relief. The action stems from Synapse's failure to maintain adequate records of consumer funds, leading to a shortfall of $60-90 million and loss of access to funds for consumers.