CFPB Launches Inquiry Into Mobile Financial Services
Today, the Bureau announced it is launching an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part...
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CFPB Takes Action Against RealtySouth for Mortgage Disclosure Violations
Today the Bureau ordered RealtySouth, the largest real estate firm in Alabama, to pay $500,000 for inadequate disclosures that could leave consumers unaware...
CFPB Supervision Report Highlights Risky Practices In Nonbank Markets
Overall CFPB Supervision Activities Return More than $70 Million to 775,000 Consumers The Bureau today issued a report highlighting illegal actions...
CFPB Study Finds Medical Debt Overly Penalizes Consumer Credit Scores
Study Finds Credit Scores Underestimate Creditworthiness for Consumers Who Owe and Repay Medical Debt Today the Bureau released a research report that found...
CFPB Spotlights Mortgage Debt Challenges Faced By Older Americans
CFPB Issues Advisory about Managing Mortgage Debt in Retirement Today, the Bureau released a snapshot report spotlighting the mortgage debt challenges faced...
CFPB Proposes Rule to Promote More Effective Privacy Disclosures
Rule Would Benefit Companies That Limit Consumer Data-Sharing The Bureau today proposed a rule to promote more effective privacy disclosures from financial...
CFPB Releases Tools To Protect Foster Care Children From Credit Reporting Problems
Bureau Publishes Action Letters for Child Welfare Caseworkers to Send to Credit Bureaus The Bureau today took action to better protect children in the...
CFPB Proposes Minor Changes to Mortgage Rules to Ensure Access to Credit
Proposal Would Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages Today, the Bureau is proposing minor adjustments to...
Statement of CFPB Director Richard Cordray on BMO Harris Auto Lending Policy
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement responding to news that BMO Harris Bank plans to pay auto dealers a flat percentage of the loan amount to compensate dealers for originating indirect auto loans.
CFPB Report Highlights Pain Points for Consumers in Mortgage Closing Process
The Consumer Financial Protection Bureau (CFPB) published a report which finds that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage.
CFPB Finds Private Student Loan Borrowers Face “Auto-Default” When Co-Signer Dies or Goes Bankrupt
Today the Bureau Student Loan Ombudsman released a report highlighting complaints of "auto-defaults" in private student lending. Borrowers report that some...
CFPB Proposes Revision to Rule Protecting Consumers Sending Money Internationally
The Bureau today proposed revisions to its international money transfer rule. The revisions are intended to preserve the rule's new consumer protections...
CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices
Millions of Consumers Harmed by Bank's Deceptive Marketing and Unfair Credit Card Billing Practices The Bureau has ordered Bank of America, N.A. and FIA...
CFPB Report Shows Complaints Rose 80 Percent in 2013
Annual Consumer Response Report Highlights CFPB Help in Getting Problems Addressed The Bureau announced today that consumer complaint volume nearly doubled...
CFPB Finds Four Out Of Five Payday Loans Are Rolled Over Or Renewed
Today, the Bureau issued a report on payday lending finding that four out of five payday loans are rolled over or renewed within 14 days. The study also...
Agencies Issue Proposed Rule on Minimum Requirements for Appraisal Management Companies
Six agencies today issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies...
Consumers Report Being Hounded About Debts Not Owed
The Bureau today issued a report on the more than 30,000 consumer complaints it has received about the debt collection market. The report finds that many...
CFPB Names Key Senior Positions
Today, the Bureau is announcing that three experts have been named to senior positions within the Bureau. These positions are: the Assistant Director for...
CFPB Recovers More Than $1 Million for Servicemembers, Veterans, and their Families
The Bureau announced today that servicemembers, veterans, and their families who complained to the Bureau about financial products or services have...
CFPB Calls on Top Credit Card Companies to Make Credit Scores Available to Consumers
Bureau Report Finds Accuracy Issues Top Credit Report Complaints; Warns on Avoiding Investigations Today, the Bureau called on the nation's top credit card...
CFPB Sues For-Profit College Chain ITT For Predatory Lending
Today the Bureau filed a lawsuit against ITT Educational Services, Inc., accusing the for-profit college chain of predatory student lending. The CFPB...
CFPB Takes Action Against Mortgage Lender for Illegal Payments
Today, the Bureau ordered a Connecticut mortgage lender, 1st Alliance Lending, LLC (First Alliance), to pay an $83,000 civil money penalty for violating...
CFPB Takes Steps to Improve Information About Access to Credit in the Mortgage Market
Today, the Bureau is taking steps to improve information reported about the residential mortgage market to help better understand borrowers' access to...
CFPB Commends HUD’s Action to Improve Mortgage Closing Process
Today, the Department of Housing and Urban Development (HUD) announced that they will be accepting electronic signatures on documents associated with...
CFPB Supervision Report Highlights Mortgage Servicing Problems In 2013
The Bureau today issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau's...