Tag Archives: Consumer Financial Protection Bureau

Consumer Complaints Surged in 2013 by 80%

(Source: CFPB) – The Consumer Financial Protection Bureau (CFPB) announced on Monday that consumer complaint volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013. The CFPB’s Consumer Response Annual Report also highlighted the many issues the CFPB is helping consumers address – from foreclosure alternatives to simply receiving better […]

PHH Corporation Facing Legal Action for Alleged Mortgage Insurance Kickback Scheme

(Source: CFPB) – Yesterday, the Consumer Financial Protection Bureau (CFPB) initiated an administrative proceeding against PHH Corporation and its affiliates (PHH), alleging PHH harmed consumers through a mortgage insurance kickback scheme that started as early as 1995. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations, and victim restitution.

CFPB Proposes Rule to Supervise Nonbank International Money Transfer Providers

(Source: CFPB) –  Yesterday, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to supervise certain nonbank international money transfer providers for the first time. The proposed rule would bring new oversight to larger nonbank international money transfer providers, to make sure they are adhering to the CFPB’s new protections for […]

CFPB: Ocwen to Provide $2 Billion in Relief to Distressed Homeowners

(Source: CFPB) – Today the Consumer Financial Protection Bureau, authorities in 49 states, and the District of Columbia are filing a proposed court order requiring the country’s largest nonbank mortgage servicer to compensate consumers for years of systemic and significant servicing errors. Ocwen Financial Corporation and its subsidiary, Ocwen Loan Servicing, must refund $125 million […]

CFPB and 49 State Authorities Force Ocwen to Further Extend Relief to Victimized Homeowners

(Source: CFPB) – Today, the Consumer Financial Protection Bureau (CFPB), authorities in 49 states, and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The consent order addresses […]

Payday Loan Help: More Options for Struggling Consumers

(Source: Attorney General Buddy Caldwell) – Consumers encountering problems with payday loans now have more places to turn for help. The Consumer Financial Protection Bureau (CFPB) announced last week that it now accepts complaints from borrowers having trouble with payday lending products.

AG Caldwell to Consumers – Don’t Hesitate to File Payday Loan Complaint

(Source: Attorney General James D Buddy Caldwell) – Consumers encountering problems with payday loans now have more places to turn for help. The Consumer Financial Protection Bureau (CFPB) announced last week that it now accepts complaints from borrowers having trouble with payday lending products.

Financial Committee Approves Passes Various Bills to Help Regulate the CFPB

(Source: Committee on Financial Services) – The House Financial Services Committee today passed six bills to bring oversight, accountability and transparency to the Consumer Financial Protection Bureau (CFPB), including bills to protect consumer privacy.

CFPB Works to Improve Financial Education Efforts for Consumers

(Source: CFPB) – Today, the Consumer Financial Protection Bureau published a report analyzing the amount of money spent on providing financial education to consumers and the amount spent trying to influence consumers’ decisions about financial products. The report found that for every dollar put towards financial education, $25 is spent on financial marketing, which can […]

CFPB: Rohit Chopra Addresses Major Financial Issues to the Federal Reserve Bank of St. Louis

(Source: CFPB) – Thank you to President Jim Bullard and everyone at the Federal Reserve Bank of St. Louis for inviting me to speak today on the impact of rising student debt on the balance sheets of young American households. As the name of St. Louis Fed’s Center indicates, household financial stability is a key […]

CFPB Takes Action Against Republic Mortgage Insurance Corporation for Illegal Kickbacks

(Source: CFPB) – The Consumer Financial Protection Bureau (CFPB) today took action against Republic Mortgage Insurance Corporation (RMIC), for allegedly paying illegal kickbacks to mortgage lenders in exchange for business. The CFPB filed a complaint and proposed consent order against RMIC to stop these practices, which have been prevalent for more than 10 years. The […]

NAMB and the CFPB Discuss Ability-to-Repay and Qualified Mortgage Rule

(Source: NAMB) – The Association of Mortgage Professionals has announced that it has been invited by the Consumer Financial Protection Bureau (CFPB) on Tuesday, Nov. 5 to take part in a sit-down conference to discuss the role the mortgage broker plays in the recovery of the nation’s economic recovery. Representing NAMB at the meeting will […]

CFPB Director Cordray Addresses Financial Markets & New Mortgage Rules

(Source: CFPB) – Chairman Johnson, Ranking Member Crapo, and Members of the Committee, thank you for inviting me to testify today about the fourth Semi-Annual Report of the Consumer Financial Protection Bureau. Since we opened our doors just over two years ago, the Bureau has been focused on making consumer financial markets work better for […]

City of Columbus and CFPB Partner to Help Consumers Facing Financial Struggles

(Source: CFPB) – Today, the Consumer Financial Protection Bureau (CFPB) and the City of Columbus announced a partnership to connect consumers with the CFPB to ask questions and submit complaints about financial products and services. Columbus consumers can now dial the Mayor’s Constituent Service hotline at 311 to be connected with the Bureau.

CFPB: New Tool to Help Homeowners Find Local Housing Counselors

(Source: CFPB) – WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) launched a tool to help consumers find local housing counseling agencies to answer their questions or address their concerns. The Bureau is releasing the tool in advance of the January 2014 effective dates for its mortgage rules. The Bureau also published guidance […]