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Tag Archives: CFPB

CFPB Takes Action Against Lending Scheme

The Consumer Financial Protection Bureau (CFPB) and 13 state attorneys general announced Tuesday that obtained approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, collectively known as “Rome Finance,” for about 17,000 U.S. service members and other consumers injured by the company’s predatory lending scheme.

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Cordray to Testify Regarding Allegations of Discrimination at CFPB

As part of its continuing effort to address nagging allegations of discrimination and subsequent backlash against whistleblowers at the Consumer Financial Protection Bureau (CFPB), the House Oversight and Investigations Subcommittee will on Wednesday hear testimony from CFPB director Richard Cordray. ...

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CFPB Proposes Changes to Reporting Requirements

The Consumer Financial Protection Bureau is proposing a rule designed to improve the availability of access to credit. The proposed rule would update the reporting requirements contained within the Home Mortgage Disclosure Act and simplify the reporting process for financial institutions.

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CFPB Issues Ruling to keep Heirs from Falling into Foreclosure

The Consumer Financial Protection Bureau (CFPB) issued guidance Tuesday aimed at making it easier for surviving family members who have inherited a property due the death of a loved one to be added to the mortgage, allowing them to seek modification or refinance and avoid foreclosure.

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CFPB Director Fields Questions from House Committee

A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again to review the bureau's semi-annual report and take questions from the House Financial Services Committee. At the hearing, committee members asked Cordray to address a number of issues surrounding the embattled agency, including accountability concerns and allegations of discrimination.

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SunTrust Bank Settles with Feds for Nearly $1 Billion

SunTrust Banks, Inc., announced it has struck a nearly $1 billion deal with the government to settle allegations of misconduct in both its lending and servicing practices. In an agreement reached with the Consumer Financial Protection Bureau (CFPB), Justice Department, HUD, and attorneys general in 49 states and the District of Columbia, SunTrust agreed to provide relief to consumers and payments to the government totaling a combined value of $968 million

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CFPB Charges Stonebridge with RESPA Violations

The Consumer Financial Protection Bureau (CFPB) announced it is charging Parsippany, New Jersey-based Stonebridge Title Services Inc., with violating the Real Estate Settlement Procedures Act (RESPA) by offering kickbacks for business referrals. In a consent order released Thursday, the CFPB ordered Stonebridge to pay a civil penalty of $30,000.

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CFPB Director Gives Report to Senate Banking Committee

CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, and Urban Affairs Tuesday morning to give the Semi-Annual Report of the Consumer Financial Protection Bureau. At the hearing, a myriad of topics were discussed, including mortgages, student loans, as well as proposed data collection efforts for the National Mortgage Database.

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