CFPB Proposes New Federal Oversight of Nonbank Auto Finance Companies
Bureau Supervision Uncovers Auto-Lending Discrimination at Banks and Obtains $56 Million for Harmed Consumers.
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CFPB Sues Online Payday Lender for Cash-Grab Scam
The Hydra Group Uses Phony Payday Loans to Illegally Access Consumer Bank Accounts Today, the Bureau announced its action to halt the operations of an...
CFPB Sues For-Profit Corinthian Colleges for Predatory Lending Scheme
Bureau Seeks More than $500 Million In Relief For Borrowers of Corinthian's Private Student Loans Today, the Bureau sued for-profit college chain Corinthian...
CFPB Finalizes Rule to Oversee Larger Nonbank International Money Transfer Providers
Today, the Bureau finalized a rule that allows it to supervise certain nonbank international money transfer providers for the first time. The rule, first...
Agencies Announce Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
The Federal Reserve Board and the Bureau today announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer...
CFPB Warns Credit Card Companies Against Deceptively Marketing Promotional Offers
The Consumer Financial Protection Bureau (CFPB) warned credit card companies against deceptively marketing interest-rate promotions.
CFPB Announces New Senior Leaders and Advisory Board and Council Members
Today, the Bureau announced several new leaders within the Bureau, as well as the appointment of new consumer finance experts from outside the federal...
CFPB Publishes Report to Promote Financial Wellness in the Workplace
Today the Bureau published a report to promote financial wellness in the workplace. The report contains case studies that are designed to educate employers...
CFPB Takes Action Against Global Client Solutions for Processing Illegal Debt-Settlement Fees
Payment Processor to Pay Over $6 Million in Relief to Consumers Today, the Bureau announced an enforcement action against Global Client Solutions, a leading...
CFPB Finalizes Revisions to Rule Protecting Consumers Sending Money Internationally
Revisions Will Help Facilitate Compliance With New Consumer Protections The Bureau today finalized revisions to the remittance rule that it had proposed in...
CFPB Announces Mortgage EClosing Pilot Participants
The Bureau today announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will...
CFPB Takes Action Against Auto Finance Company for Distorting Borrower Credit Reports
First Investors Fined $2.75 Million for Knowingly Providing Inaccurate Information to Credit Reporting Agencies for Years Today the Bureau is taking action...
CFPB Issues Bulletin to Prevent Runarounds in Mortgage Servicing Transfers
Bureau Highlights Risks in Transferring Loans Under Loss Mitigation Review Today, the Bureau is releasing a bulletin outlining expectations for mortgage...
CFPB Shuts Down USA Discounters’ Servicemember Fee Scam
The Bureau today put an end to a servicemember fee scam run by USA Discounters, Ltd., a company that operates a chain of retail stores near military bases...
CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme
Today, the Bureau took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies...
CFPB Warns Consumers About Bitcoin
CFPB Now Accepting Complaints on Virtual Currency Products and Services Today the Bureau issued a consumer advisory warning consumers about the risks of...
CFPB Finds Small Debit Purchases Lead to Expensive Overdraft Charges
Majority of Debit Card Overdraft Fees Incurred on Transactions of $24 or Less Today, the Bureau released a report that raises concerns about the impact of...
CFPB Launches Nationwide Effort to Provide Financial Education and Tools to Low-Income Consumers
Today, the Bureau announced that it is partnering with national and local organizations across the country to train social services staff to provide...
CFPB and 13 State Attorneys General Obtain About $92 Million in Debt Relief for Servicemembers Harmed by Predatory Lending Scheme
The Bureau and 13 state attorneys general obtained approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also...
CFPB Proposes Rule to Improve Information About Access to Credit in the Mortgage Market
Today, the Bureau proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers' access...
CFPB, FTC and States Announce Sweep Against Foreclosure Relief Scammers
The Bureau, the Federal Trade Commission (FTC), and 15 states announced a sweep against foreclosure relief scammers that used deceptive marketing tactics to...
CFPB Begins Accepting Consumer Complaints on Prepaid Cards and Additional Nonbank Products
Nonbank Products Include Debt Settlement and Credit Repair Services, Pawn and Title Loans The Bureau is now accepting complaints from consumers encountering...
CFPB Proposal Would Give Consumers the Opportunity to Publicly Voice Complaints About Financial Companies
Today, the Bureau is proposing a new policy that would empower consumers to publicly voice their complaints about consumer financial products and services...
CFPB Files Suit Against Debt Collection Lawsuit Mill
Georgia Firm Relies on Deceptive Court Filings and Faulty Evidence to Churn Out Lawsuits Today, the Bureau filed a lawsuit in a federal district court...
Consumer Financial Protection Bureau Issues Guidance Regarding Brokers Shifting To “Mini-Correspondent” Model
Today, the Bureau is issuing guidance regarding mortgage brokers transitioning to a "mini-correspondent" lender model. The CFPB is concerned that some...