Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address
CFPB Monthly Complaint Snapshot Spotlights Debt Settlement, Check Cashing, and Other Financial Service Complaints
Report Also Includes In-Depth Look at Consumer Complaints from Oklahoma
CFPB Warns Financial Companies About Sales and Production Incentives That May Lead to Fraud or Consumer Abuse
Unchecked Incentives Can Produce Unauthorized Account Openings, Deceptive Sales Tactics, and Other Illegal Practices
Bureau Also Obtains a Temporary Restraining Order to Halt Illegal Operation and Freeze Assets of Operation’s Leaders WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) announced today that it has filed a lawsuit against the ringleaders of a robo-call phantom debt collection operation, their companies, and their service providers. The debt collectors, using various […]
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and 15 states announced a sweep against foreclosure relief scammers that used deceptive marketing tactics to rip off distressed homeowners across the country. The Bureau is filing three lawsuits against companies and individuals that collected more than $25 million in illegal advance fees for services that falsely promised to prevent foreclosures or renegotiate troubled mortgages. The CFPB is seeking compensation for victims, civil fines, and injunctions against the scammers. Separately, the , and the states are taking 32 actions.
More than 1 Million Consumers Were Potential Victims of Misleading Practices WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau is ordering GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. At doctors’ and […]
Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift, or credit union charter.
Today’s proposed rule would expand that supervision to certain nonbanks. The rule would define certain nonbank student loan servicers as “larger participants” and would allow the Bureau to oversee their activity for compliance with federal consumer financial laws.
We have done good work together, and we have much more good work ahead of us. And so I want to start by thanking all of you for your help and your leadership, which has improved our work immensely.
The Consumer Bankers Association and the Consumer Financial Protection Bureau have enjoyed a cooperative working relationship since the Bureau’s inception which I believe has benefited us both.
“This is an important step in the development of our nonbank supervision program,” said CFPB Director Richard Cordray. “This proposal allows us to reach nonbanks that we would not otherwise supervise, while providing industry with a streamlined process that is fair and efficient.”
The Bureau will take a close look at service providers’ interactions with consumers. It will hold all appropriate companies accountable when legal violations occur.
This will be an extension of the CFPB’s bank supervision program that began last July and will ensure that banks and nonbanks follow federal consumer financial laws.
Consumer Financial Protection Bureau Seeks Public Input On Key Element Of Nonbank Supervision Program
To prepare for this eventual rulemaking, the CFPB is seeking public input through a Notice and Request for Comment, which identifies six markets for potential inclusion in an initial rule: debt collection; consumer reporting; consumer credit and related activities; money transmitting, check cashing, and related activities; prepaid cards; and debt relief services.