Today, we filed a lawsuit against ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending. We believe that ITT used high-pressure tactics to push many students into expensive private student loans that were likely to end in default.
We held a field hearing on workplace financial education in Atlanta. Part of America Saves Week, the hearing was an opportunity for us to get public input on promising practices for delivering financial education in the workplace. The live event has now ended but a recording will be available soon.
Today, we held “Protecting homeowners: New tools for empowering consumers and advocates” in Phoenix. The live event has ended. This event was a training for housing counselors, legal aid attorneys, and other advocates on the new mortgage servicing rules that take effect today. The training also featured remarks from Director Richard Cordray. Find out more […]
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau established the threshold […]
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). HMDA requires that the CFPB adjust this threshold yearly by the annual percentage increase in the Consumer Price […]
We’re taking action against Ocwen Financial Corporation for years of systemic misconduct that includes unfair shortcuts, unauthorized fees, deception, illegal foreclosures, and other illegal practices. Ocwen will be required to provide $2 billion in loan modification relief to its customers and $125 million in refunds to consumers whose homes were foreclosed. Learn more about what this might mean for you.