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Chairman McHenry, Ranking Member Green, and Members of the Subcommittee, I am glad to be here today to address certain personnel and management matters at the Consumer Financial Protection Bureau.
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) and 13 state attorneys general obtained approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also collectively known as “Rome Finance,” for about 17,000 U.S. servicemembers and other consumers harmed by the company’s predatory lending scheme. Rome Finance lured consumers with the promise of no money down and instant financing. Rome Finance then masked expensive finance charges by artificially inflating the disclosed price of the consumer goods being sold. Rome Finance also withheld information on billing statements and illegally collected on loans that were void. Rome Finance and two of its owners are permanently banned from consumer lending.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulations. The Bureau also aims to simplify the reporting process for financial institutions.
Thank you for joining us on the call today and my thanks to Katie Fallow at the FTC for her and her staff’s hard work on this issue. Today, both the Consumer Financial Protection Bureau and the Federal Trade Commission are announcing recent action we’ve taken against companies and individuals that took advantage of underwater homeowners looking for foreclosure relief.
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and 15 states announced a sweep against foreclosure relief scammers that used deceptive marketing tactics to rip off distressed homeowners across the country. The Bureau is filing three lawsuits against companies and individuals that collected more than $25 million in illegal advance fees for services that falsely promised to prevent foreclosures or renegotiate troubled mortgages. The CFPB is seeking compensation for victims, civil fines, and injunctions against the scammers. Separately, the FTC is filing 6 lawsuits, and the states are taking 32 actions.
Nonbank Products Include Debt Settlement and Credit Repair Services, Pawn and Title Loans WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional nonbank products, including […]
It is indeed an extreme pleasure to be able to experience the true nature of summer here in El Paso in the middle of July. And it is also a pleasure to welcome you all to this field hearing hosted by the Consumer Financial Protection Bureau. As we all know, the financial crisis did serious damage to individuals and communities all across this country. Its effects remain vivid in our collective experience, and the toll it took on our lives was substantial. Millions of people lost their jobs; millions lost their homes; and virtually everyone lost considerable household wealth, amounting to trillions of dollars. As a key part of its response to the crisis, Congress created the Bureau and vested it with the responsibility to stand on the side of consumers and make sure they are treated fairly in the financial marketplace.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is proposing a new policy that would empower consumers to publicly voice their complaints about consumer financial products and services. When consumers submit a complaint to the CFPB, they would have the option to share their account of what happened in the CFPB’s public-facing Consumer Complaint Database. Publishing consumer narratives would provide important context to the complaint, help the public to detect specific trends in the market, aid consumer decision-making, and drive improved consumer service.
Georgia Firm Relies on Deceptive Court Filings and Faulty Evidence to Churn Out Lawsuits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in a federal district court against a Georgia-based firm, Frederick J. Hanna & Associates, and its three principal partners for operating a debt collection lawsuit mill that uses […]
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The CFPB is concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves as such would automatically exempt them from important consumer protection rules affecting broker compensation. The guidance sets out how the Bureau evaluates mortgage transactions involving mini-correspondent lenders. It confirms who must comply with the broker compensation rules, regardless of how they may describe their business structure.
Thank you for joining us on today’s call. Today we are announcing that we have resolved an investigation and are entering an order against one of the nation’s largest payday lenders, ACE Cash Express, for inducing payday borrowers into a cycle of debt. We believe ACE used illegal debt collection tactics – including harassment and false threats of lawsuits, or criminal prosecution – to bully overdue borrowers with a demonstrated inability to repay their existing loans into taking out new payday loans with expensive fees. These kinds of predatory tactics are appalling, and under the terms of the order, ACE will pay $10 million in restitution and penalties to address the conduct at issue.
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure overdue borrowers into taking out additional loans they could not afford. ACE will provide $5 million in refunds and pay a $5 million penalty for these violations.
The economist John Maynard Keynes was once asked what interest is. He replied simply and directly: “If I let you have a halfpenny and you kept it for a very long time, you would have to give me back that halfpenny and another too. That’s interest.” Of course, that is not Keynes’s most insightful comment on economics, but it may be his earliest: He was four-and-a-half years old at the time.
Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) is issuing an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will help surviving family members who acquire title to a property to take over their loved one’s mortgage, and to be considered for a loan workout, if necessary, to keep their home.
Thank you for joining us on this call today. Today, the Bureau is ordering GE Capital Retail Bank, now known as Synchrony Bank, to provide $225 million in remediation to 746,000 consumers who were harmed by GE Capital’s deceptive credit card add-on practices and discriminatory debt relief promotions. This kind of conduct has no place in the consumer financial marketplace. People deserve to be given clear information and they deserve to be treated fairly.