CFPB fines mortgage lender $250K for claiming government affiliation in ads

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The CFPB has slapped a lender with a $250,000 fine for deceptive advertising practices. CFPB hits lender for lies about government affiliation.. The Consumer Financial Protection Bureau has.

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CFPB Fines Mortgage Lender For Illegal Fee Splitting. By. The mortgage lender touted its decision to self-report, saying in its statement that it had come to the CFPB a full six months before.

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CFPB said RMK’s practices violated the Truth in Lending Act, the Mortgage Acts and Practices Advertising Rule and other federal consumer laws. Under CFPB’s consent order, RMK will not be allowed to falsely claim a government affiliation in future advertisements and will pay a fine of $250,000.