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Proposal Would End the Free Pass Companies Use Against Group Lawsuits WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from suing in groups to obtain relief. Buried in many contracts for consumer […]
Thank you all for joining us in Denver today. We are here to talk about something important that is often buried deeply in the fine print of many contracts for consumer financial products and services, such as credit cards and bank accounts. It is called an arbitration clause, or more precisely, a mandatory pre-dispute arbitration […]
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 […]