Read the latest on the Consumer Financial Protection Bureau (CFPB).
- House Banking Panel Passes CFPB Changes
American Banker 22 Nov 2013
The House Financial Services Committee has passed a series of bills to change various aspects of the Consumer Financial Protection Bureau (CFPB).
- Student Loan Market Headed for Crisis, CFPB Warns
American Banker 19 Nov 2013
The student loan market lacks the data and regulations that could prevent another financial crisis, according to Rohit Chopra with the Consumer Financial Protection Bureau.
- US CFPB Penalizes Republic Mortgage Insurance Over Illegal Kickbacks Practices
Insurance Business Review 18 Nov 2013
Republic Mortgage Insurance Corp. (RMIC) has drawn a $100,000 fine for allegedly feeding illegal kickbacks to home lenders under an arrangement that had gone on for more than 10 years.
- Credit-Card Rewards Programs Examined by U.S. Consumer Bureau
Bloomberg 15 Nov 2013
Concerned that customers may be misled when they enroll in complex credit-card reward programs, the U.S. Consumer Financial Protection Bureau (CFPB) could consider new rules in this area.
- Cordray Vows 'Openness' with Auto Lenders
American Banker 13 Nov 2013
Consumer Financial Protection Bureau Director Richard Cordray acknowledged concerns Nov. 12 about how the agency is regulating indirect auto lenders, promising to be more transparent about its oversight.
- Consumer Bureau: Prepaid Card Restrictions Coming
The Hill 12 Nov 2013
Responding to questions at a Nov. 12 hearing on Capitol Hill, the director of the Consumer Financial Protection Bureau pledged greater checks on the prepaid card business.
- CFPB Launches Tool to Match Consumers With Reverse Mortgage Counselors
Reverse Mortgage Daily 11 Nov 2013
The Consumer Financial Protection Bureau (CFPB) recently launched a tool to help people find local housing counseling agencies, including those that offer reverse mortgage counseling. The resource was released ahead of the January 2014 effective dates for the bureau’s new mortgage rules.
- Credit-Card Application Rules Eased
Wall Street Journal 11 Nov 2013
The Consumer Financial Protection Bureau (CFPB) on Nov. 4 removed a provision, established under the Credit Card Accountability Responsibility and Disclosure Act, that had blocked many people with no individual income from applying for credit. The restriction was intended to keep young adults out of credit card debt, but the CFPB says it inadvertently led to "otherwise creditworthy" applicants being turned away.
- Ally Financial Warns of Auto-Lending Probe
Wall Street Journal 06 Nov 2013
Ally Financial Inc. disclosed this week in a regulatory filing that the Consumer Financial Protection Bureau (CFPB) is increasing its scrutiny over its auto lending practices. The agency has notified Ally that it had not taken adequate steps to prevent auto dealers from violating laws against lending bias, according to the filing.
- Sallie Mae Faces Additional Government Probes as Scrutiny Increases
Huffington Post 28 Oct 2013
Last month, the Consumer Financial Protection Bureau (CFPB) launched an investigation into how Sallie Mae processes borrowers’ student loan payments. This latest probe into possible violations of consumer protection laws indicates that Washington is taking a harder look at Sallie Mae, the nation’s largest student loan company and the top recipient of Department of Education contracts.
- Regulators Vow to Work With Industry on Mortgage Rules
The Hill 28 Oct 2013
Richard Cordray, director of the Consumer Financial Protection Bureau, and Edward DeMarco, acting director of the Federal Housing Finance Agency, will work together with the lending industry to implement new mortgage regulations that will help guard against another foreclosure crisis. The pledge came during the Mortgage Bankers Association's 100th annual conference.
- CFPB Helped Hundreds of Private Student Loan Borrowers Resolve Problems With Lenders: Report
Huffington Post 25 Oct 2013
The Consumer Financial Protection Bureau (CFPB) is helping hundreds of college graduates get out of trouble with private student loans, according to a new U.S. Public Interest Research Group analysis of the agency's complaint database. Disgruntled borrowers received a median of $700 in monetary relief, and some collected as much as $75,000
- Consumer-Finance Watchdog Warns Payday Lender Cash America of Possible Enforcement Action
Wall Street Journal 24 Oct 2013
One of the largest U.S. payday lenders, Cash America International Inc., is preparing for a crackdown by the Consumer Financial Protection Bureau, which may file an enforcement action against the company and require it to improve certain procedures.
- Stumbling Blocks in Reducing Balance on a Student Loan
New York Times 16 Oct 2013
The Consumer Financial Protection Bureau (CFPB) notes in its second annual report on student loans that problems having payments properly applied to a loan balance is one of the most common complaints the agency receives.
- A Shocker With Fees at Cleveland-Area Banks -- Hardly Any of Them Increase in 2013
Cleveland Plain Dealer (OH) 16 Oct 2013
Of the 14 biggest banks in Greater Cleveland surveyed by The Plain Dealer, U.S. Bank was the only one to increase its overdraft fee in 2013, from $35 to $36. None of these banks hiked fees for using another bank's ATM, replacing an ATM card, stopping a payment, requesting a PIN-only debit card, or having a deposit item returned.
- CFPB Planning Big Changes to Exam, Rulemaking Process
American Banker 15 Oct 2013
The Consumer Financial Protection Bureau (CFPB) recently announced that it intends to drastically overhaul its exam procedures to make them more expedient and to free up enforcement officers to pursue other investigations outside of exams.
- CFPB Offers More Guidance on Contacting, Responding to Troubled Borrowers
Housing Wire 15 Oct 2013
The Consumer Financial Protection Bureau has released additional guidance and an interim final rule detailing how mortgage servicers should respond when distressed borrowers experience unexpected life events or other legal problems, like a death in the family or bankruptcy.
- Overdraft Services Need Greater Oversight
American Banker 14 Oct 2013
Overdraft service, once an occasional courtesy provided to bank customers, is now a high-cost service that pushes many consumers out of the banking system completely, writes Susan Weinstock of The Pew Charitable Trusts. The penalties when customers spend more than what is in their account average $225 per year, she reports.
- CFPB Takes Aggressive Action Against HMDA Violators
American Banker 10 Oct 2013
The Consumer Financial Protection Bureau (CFPB) on Oct. 9 penalized two non-bank mortgage lenders for reporting erroneous data to regulators.
- Is the Death Knell Sounding for Payday Lenders?
ConsumerAffairs.com (CA) 07 Oct 2013
Consumer advocates and regulators have long complained about the payday loan industry, saying that the small loans -- which carry high fees and often must be repaid in full in about two weeks -- trap borrowers in a cycle of debt. The Center for Responsible Lending (CRL) has been lobbying to curb the business on a national level, and it believes a sea change is underway.