Last week, the Consumer Financial Protection Bureau (CFPB) announced the filing of a complaint and proposed judgment against American Advisors Group (AAG) in the U.S. District Court for the Central District of California for violations of the Consumer Financial Protection Act (CFPA) and a 2016 administrative consent order. According to the complaint, AAG “offers and provides reverse mortgages, products marketed toward consumers 62 years and older that allow homeowners to borrow money using their home’s value as security for the loans.”
This is not the first time the CFPB has taken action against AAG. In 2016, the CFPB filed a Consent Order against AAG alleging that AAG made misrepresentations in the marketing of its reverse mortgage products.
In its complaint, the CFPB alleges the following conduct:
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