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Lender Ordered to Pay $228,000 Civil Penalty WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) ordered a California mortgage bank, Guarantee Mortgage Corporation, to pay a civil penalty of $228,000 for paying its branch managers based, in part, on the interest rates of the loans they closed. The Loan Originator Compensation Rule, which […]
WASHINGTON, D.C. — Today Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued a decision in the first appeal of a Bureau administrative enforcement proceeding. The Director’s decision concludes that PHH Corp., a mortgage lender, illegally referred consumers to mortgage insurers in exchange for kickbacks. He also issued a final order that prohibits PHH from […]
Thank you all for joining us today for the release of our study on reverse mortgage advertisements. Right now, we are experiencing the greying of America, with 45 million people in this country who are age 65 or older and 10,000 more who are turning 65 each day. They are our grandparents, our parents, our […]
CFPB Issues Advisory Warning Consumers Not To Be Deceived WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released results of a focus group study on reverse mortgage advertisements that found many participants were left with misimpressions about the product. After viewing the ads, consumers were confused about reverse mortgages being loans, and they […]
RPM CEO Erwin Robert Hirt to Pay Additional $1 Million Civil Penalty WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers […]
Thank you all for joining us today as we announce the launch of our ROADS to Financial Independence initiative. A large part of our work at the Consumer Financial Protection Bureau involves empowering consumers to take control of their financial lives. This first-of-its-kind initiative aims to improve the financial well-being and economic security of individuals […]
ROADS to Financial Independence Initiative Will Pilot in Six Communities Nationwide WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is announcing the launch of the Reach Outcomes. Achieve Dreams. Succeed. (ROADS) to Financial Independence initiative, which is aimed at improving the financial well-being and economic security of individuals with disabilities. The initiative, which […]
Court Enters Judgment Against the Hoffman Law Group and Affiliates for Deceiving Consumers and Collecting Illegal Advance Fees; Individuals Involved to Auction Jewelry, Watches to Pay Redress WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau and the State of Florida were granted a final judgment against the Hoffman Law Group and corporate affiliates accused […]
Harmed African-American and Hispanic Borrowers Will Receive $9 Million WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. The agencies also filed a proposed order that, if […]
Let me thank everyone here today for your efforts to bring financial literacy to consumers. The work our agencies do to ensure consumers can become more financially capable and confident is not always glamorous, but it is vitally important. Today I want to describe some of the work the Consumer Financial Protection Bureau is doing […]
Program Targets Transitioning Veterans and Economically Vulnerable Consumers WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching its Financial Coaching Initiative, targeting recently-transitioned veterans and economically vulnerable consumers to help them with their financial goals. The program places 60 certified financial coaches at organizations around the country to provide individualized educational services. […]
Thank you for joining us today to announce the launch of our Financial Coaching Initiative. The Consumer Financial Protection Bureau is offering coaching support to veterans and economically vulnerable consumers during critical times of transition: veterans when they are taking off the uniform and becoming civilians; and economically vulnerable consumers as they are looking for […]
Thank you for joining us on this call. Today, the Consumer Financial Protection Bureau is filing a complaint and a proposed consent order against PayPal for illegally signing up and billing tens of thousands of consumers for its online credit product, PayPal Credit. The Bureau alleges that PayPal lured in consumers to this product with […]
PayPal to Refund $15 Million to Consumers and Pay $10 Million Fine WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) filed a complaint and proposed consent order in federal court against PayPal, Inc. for illegally signing up consumers for its online credit product, PayPal Credit, formerly known as Bill Me Later. The CFPB […]
Crossposted from the Milwaukee Journal Sentinel. This opinion editorial originally ran on May 14, 2015 online. As millions of students and their families across the country celebrate graduation season, many will be joining the ranks of the more than 40 million other Americans on the hook for over $1.2 trillion in student debt. The average […]