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Category: Info for consumers |
Published

Consumer advisory: 3 pension advance traps to avoid

Many retirees depend on a pension to cover day-to-day as well as occasional unexpected expenses, such as health emergencies or home repairs. Although pension advances may seem like a “quick fix” to your financial problems, they can eat into your retirement income when you start paying back the advance plus interest and fees. Here are three things you can do to protect your retirement pension.

Category: Info for consumers |
Published

Are unpaid debts a military career-killer?

Servicemembers, veterans and military families have submitted more than 11,000 debt collection complaints to the CFPB since we began accepting them in July 2013 – our fastest-growing category of complaints. Among other things, we’ve received reports that some debt collectors are threatening servicemembers by claiming that they will report the unpaid debt to their commanding officer, have the servicemember busted in rank or even have their security clearance revoked if they don’t pay up.

Category: Info for consumers |
Published

Freedom Stores to provide over $2.5 million in refunds and penalties

Our investigation found that the companies illegally filed thousands of lawsuits in Virginia against consumers who didn’t live or purchase goods there: over 3,500 lawsuits in Norfolk, Virginia in two-plus years, almost all resulting in default judgments against consumers, some of whom didn’t even know they’d been sued until they discovered their bank accounts had been garnished.

Category: Policy and compliance |
Published

Social Security disability income shouldn’t mean you don’t qualify for a mortgage

Today, we’re reminding lenders that placing unnecessary documentation requirements on recipients of Social Security disability income, including disabled veterans, may raise fair lending concerns. Following the guidelines and standards noted in the bulletin may help lenders comply with fair lending laws.

Category: Info for consumers |
Published

Veterans: Take advantage of student loan forgiveness, but don’t let it damage your credit

We encourage all consumers to check their credit report regularly, but we want to especially encourage veterans who use this benefit to be sure that their student loan servicer (the company that collects payments) is providing correct information about their loan discharge to credit bureaus (the companies that compile and sell credit reports).

Category: Policy and compliance | Category: At the CFPB |
Published

Working together to protect student veterans

We’re joining the Departments of Veterans Affairs (VA), Defense (DoD), and Education (ED) to better protect servicemembers, veterans, and their family members who are attending college. We’ve signed an agreement to carry out a comprehensive strategy to strengthen our enforcement and compliance work.

Category: Policy and compliance |
Published

Closing the book on Colfax

We announced an enforcement action against Colfax Capital Corporation and its subsidiary Culver Capital, LLC for engaging in unlawful lending practices that targeted and financially harmed servicemembers. Although the name might be new to some, this is actually the last gasp of a chameleon-like company with a long and deplorable record of preying on servicemembers.

Category: Data, research, and reports |
Published

Behind the numbers: Servicemember complaints

In the Snapshot of complaints received from servicemembers, veterans, and their families that we’re releasing today, you’ll find the types and trends of military consumer complaints that the CFPB has handled since opening our doors in July 2011. Mortgages continue to top the cumulative volume of complaints handled to date.