Cordray responded to the lawmakers' letter on June 3, stating the Bureau's desire for a smooth transition and that since the rule was published in November 2013, the CFPB has made it a point to "engage directly and intensively with financial institutions and vendors through a formal regulatory implementation project."
Read More »CFPB, Florida Receive $27.7 Million Judgment Against Firm for Foreclosure Relief Fraud
According to the CFPB, the Hoffman Law group was set up to give the appearance that it would give specialized legal help to distressed homeowners who were either seeking mortgage loan modifications or trying to avoid foreclosure.
Read More »Justice Department, CFPB Settle With California Lender To Resolve Discrimination Claims
The U.S. Department of Justice and the Consumer Financial Protection Bureau (CFPB) have reached a settlement resolving allegations of discriminatory lending based on race on the part of California-based Provident Funding Associates, according to a joint announcement from the two government agencies.
Read More »Congressman Pittenger Says Excessive Regulation Slows Economic Growth, Hurts Entrepreneurs
“The CFPB continues to issue new regulations designed for massive, ‘systemic-risk’ financial institutions without considering how those same rules harm small businesses, community banks, and credit unions,” Pittenger said last month after H.R. 1195 passed in the House.
Read More »Georgia Lawmaker Proposes Bill to Make CFPB Accountable to Congress
Perdue said the Consumer Financial Protection Bureau Accountability Act of 2015 will provide critical Congressional oversight for a Bureau that is funded by the Federal Reserve but is led by a single director rather than a board of directors and is not accountable to Congress.
Read More »CFPB Report Finds 26 Million American Adults Have No Credit History
According to the CFPB's announcement, consumers with limited credit histories can be placed in two groups – "credit invisible," which means the consumer has no credit report, or "unscored," which means the consumer has some credit history but not enough to generate a credit score, or else the information is "stale" and out of date.
Read More »Appellate Court Dismisses Company’s Constitutional Challenge to CFPB’s Authority
The U.S. Court of Appeals for the District of Columbia Circuit dismissed a constitutional challenge to the Consumer Financial Protection Bureau (CFPB) brought about by Costa Mesa, California-based support services company Morgan Drexen Integrated Systems.
Read More »CFPB Penalizes Mortgage Lender $250K Over Deceptive Advertising
In a press statement, CFPB Director spoke out against such practices, saying, “Deceptive advertising has no place in the mortgage marketplace, and the Consumer Bureau will continue to take action against companies that mislead consumers with false claims of government affiliation."
Read More »Black Knight and Five Star Release Study on CFPB Consumer Complaints
Now, in a report to be released today titled "Analysis and Study of CFPB Consumer Complaint Data Related to Mortgage Servicing Activities,” Black Knight Financial Services (BKFS) and the Five Star Institute (FSI) seek to provide context and insight to complaints received by the CFPB by comparing the CFPB's two predominant mortgage complaint categories, servicing and default, with loan trends.
Read More »CFPB Now Gives Consumers Opportunity to Publicly Share Complaint Narratives
A policy allowing consumers to publicly share their stories when submitting complaints to CFPB was first proposed by the Bureau in July 2014. After months of receiving comments from consumer groups, trade associations, companies, and individuals, CFPB finalized its consumer narrative policy on Thursday.
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