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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 […]
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015. The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for […]
WASHINGTON, D.C. – Today, the U.S. Department of Defense issued a final rule expanding the types of credit products that are covered by the 36-percent rate cap and other military-specific protections under the Military Lending Act. The rule closes loopholes that have led to lenders skirting the law with products that fall outside the scope […]
Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Billing of Credit Card Add-On Products and Services, and Other Unlawful Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Citibank, N.A. and its subsidiaries to provide an estimated $700 million in relief to eligible consumers harmed by illegal practices related to […]
Bureau Puts Companies On Notice After Defense Department Rules Take Effect WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) sent letters this month to several companies that sell retail goods to military servicemembers, advising them to review their websites and other advertising for potentially misleading marketing and to review other practices related to payment […]
Thank you Ed for that kind introduction, and for all you do on behalf of consumers through your roles with the Public Interest Research Group and Americans for Financial Reform. I also want to thank the entire AFR coalition, as well as PIRG, the Consumer Federation of America, the Leadership Conference on Civil and Human […]
Report Includes In-Depth Look at Debt Collection Complaints and Complaints from Milwaukee, Wis. WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) launched the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the Bureau. The monthly report includes complaint data on company performance, complaint volume, […]
Chairman Shelby, Ranking Member Brown, and Members of the Committee – thank you for the opportunity to testify today about our 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 the long-term foundations of […]