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WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) yesterday sent a letter to mortgage industry trade groups regarding the Know Before You Owe mortgage disclosure rule, which becomes effective October 3. The rule, also called the TILA-RESPA Integrated Disclosure rule, requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage […]
Westlake Services and Wilshire Consumer Credit Pressured Borrowers with Illegal Threats and Phony Caller IDs WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against an indirect auto finance company and its auto title lending subsidiary for pressuring borrowers using illegal debt collection tactics. The CFPB found that Westlake Services, […]
CFPB and U.S. Departments of Education and Treasury Issue Framework for Servicing Reforms, Bureau Prioritizes Stamping Out Illegal Actions WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report outlining widespread servicing failures reported by both federal and private student loan borrowers. Consumers describe companies using a wide range of sloppy, patchwork […]
Chairman Hensarling, Ranking Member Waters, and Members of the Committee – thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s latest Semi-Annual Report to Congress. We appreciate your continued oversight and leadership as we work together to strengthen our financial system and ensure that it serves consumers, responsible businesses, and […]
Company to Pay $18 Million to Minority Auto Borrowers, $3 Million to Credit Card Customers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank, for discriminatory auto loan pricing and for illegal credit card practices. The joint CFPB and Department of Justice (DOJ) auto-lending enforcement action […]
Good morning. Thank you for the opportunity to speak here this morning at the John Glenn College of Public Affairs. The opportunity is especially meaningful for me, since my first formal experience in public service was through an internship with Senator Glenn in the spring of 1980. I was a bright-eyed, bushy-tailed college student, and […]
Thank you. Today the Consumer Financial Protection Bureau and the Department of Justice are announcing a joint action against Hudson City Savings Bank for illegal redlining. We are filing a complaint which alleges that Hudson City structured its mortgage business to provide unequal access to credit products in majority-Black-and-Hispanic neighborhoods in New York, New Jersey, […]
Bank Illegally Denied Black and Hispanic Neighborhoods Fair Access to Mortgages WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for discriminatory redlining practices that denied residents in majority-Black-and-Hispanic neighborhoods fair access to mortgage loans. The complaint filed by […]
Report Also Includes In-Depth Look at Consumer Complaints in Denver, Colo. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaints snapshot, which highlights mortgage complaints. According to the report, consumers continue to face problems with mortgage servicing, particularly during certain circumstances, such as when they apply for a […]
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,062 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2014 lending activity, and include applications, originations, […]
Bureau Extends Provisions to Cover More Community Banks, Credit Unions, and Other Creditors WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today finalized several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The new rule, which was proposed in January, will increase the number […]
Thank you for inviting me today. That renowned philosopher from the Garden State of New Jersey, Bruce Springsteen, once said, “I have spent my life judging the distance between American reality and the American dream.” For the past few years, we have all been judging that distance for ourselves, and we have seen how the […]
Tools Provide Additional Shopping Help for Consumers as New Mortgage Disclosure Rule Takes Effect WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is releasing new online tools as part of its Know Before You Owe initiative aimed at helping consumers navigate the mortgage process. The tools provide an interactive, step-by-step overview of the […]
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the CFPB to combine certain federal mortgage disclosures that consumers receive when taking out a mortgage. In November 2013, after extensive testing of the new forms, the CFPB finalized the combined, easier-to-understand new Know Before You Owe mortgage disclosures, the Loan Estimate and Closing Disclosure. […]