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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. […]
Lawsuit Names Individuals Responsible for Bilking $67 million from 21,000 Consumers WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau announced that it has obtained a preliminary injunction against World Law Group and its senior leaders for running a debt-relief scheme that charged consumers exorbitant, illegal upfront fees. The Bureau alleges the debt-relief scheme falsely […]
Thank you all for joining us on this call. Today the Consumer Financial Protection Bureau is taking action against Encore Capital Group and Portfolio Recovery Associates, the two largest debt buyers in the country, for their illegal debt collection activities. Encore and PRA demanded payments and filed lawsuits on debts that they knew very little […]
Encore and Portfolio Recovery Associates Must Refund Millions of Dollars and Overhaul Debt Collection and Litigation Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against the nation’s two largest debt buyers and collectors for using deceptive tactics to collect bad debts. The Bureau found that Encore Capital Group and Portfolio […]
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 […]