Read the latest on the Consumer Financial Protection Bureau (CFPB).
- Mortgage-Rule Concerns Overblown, Cordray Says
American Banker 20 Jun 2013
Consumer Financial Protection Bureau (CFPB) director Richard Cordray defended the agency's new mortgage rules, data-gathering activities, and leadership structure during a June 19 speech.
- Return of the Predatory Lending Rip-Off
U.S. News & World Report 19 Jun 2013
Subprime mortgage-style greed is again rearing its ugly head, as illustrated by industry-backed bills H.R. 1077 and S. 949, writes Jim Lardner, communications director at Americans for Financial Reform.
- Regulators Try to Stop Financial Abuse of Seniors
Wall Street Journal 12 Jun 2013
The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corp. have created a new curriculum to help protect seniors from financial scams and fraud.
- Agency Proposes Redress System for Fraud Victims
Courthouse News Service 12 Jun 2013
The Consumer Financial Protection Bureau (CFPB) has proposed the creation of a records system to track and manage payments to victims of financial fraud through the Civil Penalty Fund...
- CFPB Report Raises Concerns on Overdraft Fees
Politico 11 Jun 2013
A new report by the U.S. Consumer Financial Protection Bureau (CFPB) says overdraft fees were charged to around 20 percent of checking accounts in 2011...
- Rapid Growth of U.S. Mortgage Servicers Draws Scrutiny
Reuters 10 Jun 2013
State regulators, the U.S. Consumer Financial Protection Bureau (CFPB), and some mortgage industry players have expressed concerns about the rapid growth of servicing companies...
- CFPB Says NH Leads Country in Mortgage Complaints
New Hampshire Union Leader 08 Jun 2013
New Hampshire, Maryland, the District of Columbia, Georgia, and Florida are the top states per capita for mortgage complaints, according to a national database of consumer complaints...
- Debt-Collection Reform Urged
Columbus Dispatch (OH) 05 Jun 2013
For the third time this year, Sen. Sherrod Brown (D-Ohio) has penned a letter appealing to Consumer Financial Protection Bureau director Richard Cordray to crack down on out-of-hand debt collectors...
- CFPB Releases Procedures for New Mortgage Rules
The Hill 04 Jun 2013
The Consumer Financial Protection Bureau on June 4 rolled the first set of procedures that banks will have to comply with under new mortgage regulations taking effect in January...
- Credit Report Complaints Highlight Errors
CreditCards.com 04 Jun 2013
The Consumer Financial Protection Bureau began fielding gripes concerning credit reports last October and on May 31 released detailed information on those grievances, which account for 6,736 of the 113,000 records in the CFPB's Consumer Complaint Database so far...
- Consumer Protection Bureau Is Under Attack, But Working
USA Today 03 Jun 2013
As part of the Dodd-Frank financial reform package, the Consumer Financial Protection Bureau (CFPB) received its share of criticism; but the agency has still move forward. Republicans are seeking congressional oversight of the agency's funding, while the Senate has delayed confirmation of agency head Richard Cordray for more than a year. President Obama named Cordray as CFPB head in January 2012, when the Senate was not conducting business but was not technically in recess, either, creating an issue that the Supreme Court may have to decide...
- CFPB Continues to Update Complaint Database, Making It More Searchable
American Banker 03 Jun 2013
As of May 31, the Consumer Financial Protection Bureau has changed its complaint database in ways that should make it easier for consumers to navigate the data. With the new update, users now can conduct state-based searches...
- Banks Improving on Fee Disclosure, But More Rules Needed, Pew Says
Washington Post 31 May 2013
Banks are doing a better job of informing customers about the costs associated with checking accounts, but additional rules are needed to ensure that terms are clear and fair, concludes a new report from the Pew Charitable Trusts...
- Small Banks Gain Reprieve on Balloon Mortgages
American Banker 30 May 2013
The Consumer Financial Protection Bureau (CFPB) on May 30 unveiled several revisions to its ability-to-repay mortgage rule. Upon verifying that a borrower can actually afford the loan, which makes it a "qualified mortgage," banks receive protection from litigation. Small community banks, however, had argued that the rules would essentially block access to credit by abolishing balloon loans except in rural or underserved markets. The CFPB responded by giving these institutions two years to continue making balloon loans...
- House Democrats Seek Details on Consumer Bureau Auto Loan Rules
Bloomberg 30 May 2013
In a letter to the Consumer Financial Protection Bureau, 13 Democratic members of the House Financial services Committee requested details on how the agency plans to enforce new rules on auto loan bias...
- Consumer Watchdog Takes Its First Action Against Abusive Practices
The Hill 30 May 2013
The Consumer Financial Protection Bureau is, for the first time, taking action against a company for abusive practices that confused or misled the public...
- Looming CFPB Overdraft Rules Could Hit Some Banks Harder Than Others
American Banker 28 May 2013
Future overdraft rules likely will have a bigger impact on banks that have not changed their practices much since a 2010 rule requiring them to give customers a choice on overdraft coverage.... .
- Senate Barrels Toward Showdown Over Consumer Bureau Nominee
The Hill 19 May 2013
U.S. Senate Republicans and Democrats are headed for a showdown over Richard Cordray, recess-appointed director of the Consumer Financial Protection Bureau (CFPB), with Democrats seeking to formally confirm him as director on May 23...
- CFPB Targets Discrimination in Auto Loan Battle
American Banker 16 May 2013
The Consumer Financial Protection Bureau is laying the groundwork to bring enforcement actions against auto lenders that pay bounties to brokers to steer borrowers toward high-cost loans, on the grounds that the markups are discriminatory because they are steeper for minorities than for whites...
- The CFPB Goes Mobile to Collect Customer Complaints
Bank Systems & Technology 16 May 2013
The Consumer Financial Protection Bureau on May 15 announced that it is launching a Spanish-language Web site that lets users access information and submit complaints from their mobile phones...