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Report Also Includes In-Depth Look at Consumer Complaints in Los Angeles, Calif. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its monthly consumer complaints snapshot. The report spotlights credit reporting complaints, which sharply increased compared to the prior month and the prior year. According to the report, the majority of the credit […]
Companies Hid Loan Interest Rates and Fees and Deceived Consumers About Other Terms of the Deal WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) and the New York Department of Financial Services (NYDFS) filed a lawsuit in federal court against two companies, Pension Funding, LLC and Pension Income, LLC, and three of the […]
Company to Pay $700,000 to Consumers Deceived About Terms of Deferred-Interest Financing for Dental Work WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Springstone Financial, LLC to provide $700,000 in relief to victims of deceptive credit enrollment tactics. Many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to […]
We are honored to be here with Attorney General Herring today. The work he is doing to protect Virginians – especially older Virginians – sets a great example for other states to follow. I also want to thank the Greenspring community for hosting us, the Virginia Department for Aging and Rehabilitative Services, and the Virginia […]
Thank you for joining this call. Today the Consumer Financial Protection Bureau, along with our federal partners, is taking action against Citizens Bank for shoddy practices that deprived consumers of money that was rightfully theirs when they made deposits into their checking and savings accounts. The Consumer Bureau is ordering the bank to return approximately […]
CFPB, OCC, and FDIC Take Action Against Bank For Ignoring Deposit Discrepancies WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds. […]
Thank you all for joining us today. We have convened this forum to discuss the results of our pilot project on electronic mortgage closings, which are known as “eClosings.” What we found was that consumers who closed their mortgage using an electronic platform were better off on measures of understanding, efficiency, and feeling empowered. At […]
Consumers Reported Greater Understanding, Efficiency, and Feelings of Empowerment WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today published a report on its “Know Before You Owe” eClosing project which found that borrowers can benefit from electronic closings when navigating the mortgage closing process. Specifically, the results of the pilot indicate that those who […]
Bureau Issues Bulletin Regarding Homeowners Protection Act WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers comply with the law. “Consumers […]
Bureau Alleges the NDG Enterprise Collected Money Illegally, Seeks Refunds for Consumers WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced the filing of a lawsuit in federal district court against the NDG Enterprise, a complex web of commonly controlled companies, for collecting money consumers did not owe. The CFPB alleges that the […]
Residential Credit Solutions to Pay $1.5 Million for Servicing Wrongs WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Residential Credit Solutions, Inc. for blocking consumers’ attempts to save their homes from foreclosure. The mortgage servicer failed to honor modifications for loans transferred from other servicers, treated consumers as if they […]
Consumers Deceived by “Equity Accelerator” Claims to Receive $33.4 Million Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) took action today against Paymap Inc. and LoanCare, LLC for deceiving consumers with advertisements for a mortgage payment program that promised tens of thousands of dollars in interest savings from more frequent mortgage payments. Under the […]
Company to Pay $5.2 Million For Illegally Billing Over 100,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau filed a complaint and proposed consent order in federal court against Student Financial Aid Services, Inc. for illegal sales and billing practices. The Bureau alleges that the company, which until recently operated FAFSA.com, lured in […]
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced that Meredith Fuchs will serve as Acting Deputy Director when Deputy Director Steve Antonakes departs the agency at the end of July. Antonakes currently serves as both Deputy Director for the Bureau and Associate Director for the Division of Supervision, Enforcement, and Fair Lending. […]
Discover’s Illegal Servicing Practices Affected Private Student Loan Borrowers Transferred from Citibank WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) took action against Discover Bank and its affiliates for illegal private student loan servicing practices. The CFPB found that Discover overstated the minimum amounts due on billing statements and denied consumers information they […]