Tag Archives: CFPB

Two major subjects discussed during Tuesday's hearing entitled "The Semi-Annual Report of the Consumer Financial Protection Bureau" before the House Committee on Financial Services were the Republicans' perceived lack of accountability on the part of the Bureau as well as whether or not the Bureau's efforts have been overreaching.

Perhaps the most serious complaint comes from surviving, non-borrowing spouses. When the borrower spouse dies, surviving spouses suddenly face foreclosure, despite the fact that "some consumers report that their loan originator falsely assured them they would be able to add the other spouse to the loan at a later date," the report states. Similarly, others complained that the loans are often difficult to repay and that lenders often throw obstacles in the way when consumers take steps to avoid foreclosure.

One of the major complaints of the Consumer Financial Protection Bureau (CFPB)'s critics is a lack of Congressional oversight for the Bureau. Lawmakers have re-introduced a bipartisan bill in the U.S. House of Representatives in an attempt to change that. U.S. Representative Steve Stivers (R-Ohio), along with U.S. Representative Tim Walz (D-Minnesota) re-introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2015, a bill that would create the position of an independent Inspector General for the CFPB.

The commenting period for the proposed amendments to the Consumer Financial Protection Bureau (CFPB)'s TILA/RESPA rules is open until March 16, according to the Federal Register website.

The Consumer Financial Protection Bureau (CFPB) announced Thursday that it has taken action against three mortgage lenders for falsely implying U.S. government endorsement of their products, according to an announcement from CFPB.

The Consumer Financial Protection Bureau (CFPB) announced on Tuesday it has levied a $2 million civil penalty against Maryland-based nonbank mortgage lender NewDay Financial for deceptive mortgage advertising and kickbacks.

The Consumer Financial Protection Bureau (CFPB) released a bulletin on Tuesday to remind supervised financial institutions of the existing regulatory requirements regarding the confidentiality of supervisory information.

Wells Fargo and JPMorgan have agreed to pay a combined $35.7 million in penalties and redress over their roles in an alleged kickback scheme with a Maryland title company, according to an announcement from the Consumer Financial Protection Bureau (CFPB) on Thursday.

Keeping in line with Republicans' promises of more scrutiny of the Consumer Financial Protection Bureau (CFPB), U.S. Representative Jeb Hensarling (R-Texas) has written a letter urging the CFPB to abandon plans to renovate its office building in favor of more cost-effective alternatives. Hensarling addressed the letter, dated January 12, 2015, to CFPB Director Richard Cordray, Comptroller of the Currency Thomas Curry, and U.S. General Services Administrator Daniel Tangherlini.

The Consumer Financial Protection Bureau (CFPB) proposed on Thursday an additional set of measures designed to expand foreclosure protections for mortgage borrowers.