CFPB Takes Action Against Nationstar Mortgage for Flawed Mortgage Loan Reporting
Bureau’s $1.75 Million Civil Penalty for Persistent and Substantial Reporting Errors is the CFPB’s Largest Penalty to Date for HMDA Violations
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CFPB Explores Impact of Alternative Data on Credit Access for Consumers Who Are Credit Invisible
CFPB Seeks Public Feedback on Benefits, Risks of Using Unconventional Sources to Extend Affordable Credit to Consumers Lacking Credit History
Prepared Remarks of CFPB Director Richard Cordray at the Alternative Data Field Hearing
Thank you for joining us. I am glad to be in Charleston as we explore some new frontiers for consumer access to credit.
CFPB Takes Action Against Moneytree for Deceptive Advertising and Collection Practices
Bureau Orders Financial Services Company to Pay $255,000 to Consumers
Prepared Remarks of CFPB Director Richard Cordray at the NAACP Annual Convention
Thank you and let me welcome you all to my home state, the Buckeye State of Ohio. In particular, I thank President and CEO Cornell William Brooks and Chairman Roslyn Brock for inviting me to be with you today. I am also glad to be here with your Washington Bureau Director, Hilary Shelton, who has become a close friend from our work together.
Consumer Financial Protection Bureau And Department Of Justice Action Requires Bancorpsouth To Pay $10.6 Million To Address Discriminatory Mortgage Lending Practices
BancorpSouth Illegally Denied African-American Consumers Fair and Equal Access to Mortgages.
CFPB and DOJ Reach Resolution With Toyota Motor Credit To Address Loan Pricing Policies With Discriminatory Effects
Minority Borrowers Who Paid Higher Rates for Auto Loans Will Receive Up to $21.9 Million
Prepared Remarks of CFPB Director Richard Cordray on Hudson City Savings Bank Enforcement Action Press Call
Thank you. Today the Consumer Financial Protection Bureau and the Department of Justice are announcing a joint action against Hudson City Savings Bank for illegal redlining. We are filing a complaint which alleges that Hudson City structured its mortgage business to provide unequal access to credit products in majority-Black-and-Hispanic neighborhoods in New York, New Jersey, […]
CFPB and DOJ Order Hudson City Savings Bank to Pay $27 Million to Increase Mortgage Credit Access in Communities Illegally Redlined
Bank Illegally Denied Black and Hispanic Neighborhoods Fair Access to Mortgages WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for discriminatory redlining practices that denied residents in majority-Black-and-Hispanic neighborhoods fair access to mortgage loans. The complaint filed by […]
CFPB and DOJ Reach Resolution with Honda to Address Discriminatory Auto Loan Pricing
African-American, Hispanic, and Asian and Pacific Islander Borrowers Will Receive $24 Million
Prepared Remarks of CFPB Deputy Director Steven Antonakes at The Exchequer Club
The Bureau does not have a safety and soundness mandate. Nevertheless, we very much care about the financial health of banks and nonbanks. As a veteran of two banking crises, I can tell you unequivocally that, in my view, consumer protection is not in conflict with safety and soundness. Consumers benefit from a healthy, competitive, and diversified financial services system through greater access to credit and competitive pricing. Ultimately, both financial and consumer compliance performance are dependent on strong management. Seldom do institutions excel in one and not the other.
CFPB Provides Guidance to Help Lenders Avoid Discrimination Against Consumers Receiving Disability Income
Bureau Warns Lenders Against Creating Illegal Hurdles for Recipients of Social Security Disability Income WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) is issuing a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers […]
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 to Hold Auto Lenders Accountable for Illegal Discriminatory Markup
Potentially discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year, and the bulletin provides guidance to indirect auto lenders within the CFPB’s jurisdiction on how to address fair lending risk.
CFPB Adopts Rule to Improve Consumer Access to Appraisal Reports
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that lenders give consumers a copy of each appraisal or other estimate free of charge although a lender generally may still charge the consumer a reasonable fee for the cost of conducting the appraisal or other estimate. The Bureau’s new rule implements these requirements.
Consumer Financial Protection Bureau and Justice Department pledge to work together to protect consumers from credit discrimination
“Today’s agreement is a critical step to better protecting consumers from illegal and discriminatory lending practices. We look forward to continuing our partnership with the Justice Department under this new framework.”
CFPB to Pursue Discriminatory Lenders
Today, the Consumer Financial Protection Bureau (CFPB) announced that it will use all available legal avenues, including disparate impact, to pursue lenders whose practices discriminate against consumers.