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WASHINGTON, D.C. – Today, the U.S. Department of Defense announced critical new protections for servicemembers using the military discretionary allotment system. The changes announced today will preserve the allotment system while eliminating the aspects that are most frequently abused by businesses that target servicemembers.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The proposal would require servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, to put in place additional servicing transfer protections, and to take steps to protect borrowers from a wrongful foreclosure sale. The proposal would also help ensure that surviving family members and others who inherit or receive property have the same protections under the CFPB’s mortgage servicing rules as the original borrower.
Thank you all for inviting me to speak again this year. Last year, I spoke to you about the Consumer Financial Protection Bureau’s important new mortgage rules. I talked about how we are working to create a level playing field for all consumer financial products and services – among banks and nonbank firms in both the mortgage origination market and the mortgage servicing market. And I described how we are striving to strike the right balance as we write rules, conduct examinations, and handle investigations.
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took its first action against a “buy-here, pay-here” car dealer. The dealer, DriveTime, harmed consumers by making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies. DriveTime must pay $8,000,000 as a civil money penalty, end its unfair debt collection tactics, fix its credit reporting practices, and arrange for harmed consumers to obtain free credit reports.
Today, the Consumer Financial Protection Bureau (CFPB) is issuing a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages.
Today, the Consumer Financial Protection Bureau ordered a California mortgage lender, Franklin Loan Corporation, to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates. The Bureau has asked a federal district court to approve a consent order requiring the company to end its illegal compensation system and refund the consumers it harmed.
Thank you so much for joining us today. It is our pleasure to be here in “the first state.” At the Consumer Financial Protection Bureau, we try to get out and talk with consumers across the country on a regular basis. Today, we are here in Delaware to discuss a market that has seen rapid growth in recent years, which is the market for prepaid cards and other prepaid products.
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is proposing strong, new federal consumer protections for the prepaid market. The proposal would require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide easy and free access to account information, and adhere to credit card protections if a credit product is offered in connection with a prepaid account. The Bureau is also proposing new “Know Before You Owe” prepaid disclosures that would provide consumers with clear information about the costs and risks of prepaid products upfront.
Thank you for inviting me to speak with you today. We very much enjoy the work we are doing with cities and communities across the country, including those that are part of the Cities for Financial Empowerment coalition, which is reinforcing the fact that municipal government can be a tremendous resource for changing and improving people’s lives. The concentration of focus that comes from dealing with a dense population in a relatively small area is powerful. It becomes possible to reach people who rally around a civic identity, and city leaders often feel the great satisfaction of seeing the results of their positive actions up close and in real time. This can be especially true in the realm of consumer finance.
I first want to thank everyone here today for their commitment to financial education in schools, in the workplace, and in communities all around this country. I have been pleased to see the work being done by these agencies, which gives me confidence that we are moving in the right direction on this important topic. […]
Bureau Issues Consumer Advisory with Tips for Older Americans Dealing with Harassing Debt Collectors WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report highlighting debt collection as a top complaint for older Americans, many of whom say they struggle with debt in retirement. According to the report, some of the debt […]
The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today released observations from the recent cybersecurity assessment and recommended regulated financial institutions participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC).
Examiners Also Uncover Violations of Mortgage Servicing Laws WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a report highlighting illegal actions uncovered by the Bureau’s supervision of the student loan servicing market. Bureau examiners found that companies engaged in illegal practices like charging unfair late fees and harassing debt collection calls. Bureau […]
Our focus today is an assessment of the financial reform law that Congress enacted in an effort to address the worst financial crisis in three-quarters of a century. Financial reform is necessary over time because our laws must keep pace with the many innovations in the financial marketplace. The pace of innovation can be rapid in this sector, where the products are intangible objects of human creativity, and the pace has accelerated dramatically in the computer age.
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized minor adjustments to its mortgage rules to ensure access to credit. The adjustments, which were proposed in April, include two changes that will help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. The changes also lay out limited circumstances where lenders that exceed the points and fees cap can pay a refund of the excess amount plus interest to consumers and still have the loan be considered a Qualified Mortgage.