The Dodd-Frank law that set up the Consumer Financial Protection Bureau said that the new agency could not regulate car dealers. It’s trying to regulate them anyway. I wrote about what it’s doing, and the bipartisan opposition it’s inspiring, at Bloomberg.
Last year the Consumer Financial Protection Bureau began an initiative urging credit card issues to provide consumers with free credit scores on their monthly bills. Since then, a number of financial institutions have begun providing...Show More Summary
Ever since the Consumer Financial Protection Bureau released its findings that almost half of homebuyers don't shop around for the best rate on their mortgage, I've been trying to make sense of this revelation. It's not that it's shocking...Show More Summary
The Consumer Financial Protection Bureau (CFPB) deplores the fact that almost half of the home buyers it recently surveyed did not shop for a mortgage but dealt with a single loan provider. To encourage shopping, the agency has developed a "Check Interest Rate" tool. Show More Summary
Consumer Financial Protection Bureau targeting lenders that falsely claim that the government endorses their products
The Consumer Financial Protection Bureau continued its ongoing crackdown of companies deceptively marketing products to U.S. veterans by ordering NewDay Financial, LLC to pay $2 million and revamp its business practices. The CFPB announced...Show More Summary
They charge as much as 300% interest and they exploit the poorest people who need loans. Now the Obama Administration is planning on regulating them: The Consumer Financial Protection Bureau, created after the 2008 financial crisis, will soon release the first draft of federal regulations to govern a wide range of short-term loans. The rules [...]
While reverse mortgages are only available to a select group of consumers – those 62 years and older – the alternative loan product still makes up a large portion of complaints received by the Consumer Financial Protection Bureau. Today,...Show More Summary
The Consumer Financial Protection Bureau seeks to limit payday lenders. | The prime minister of Greece says he will carry out his campaign to roll back austerity. | Hidden cash is flowing into high-end real estate. | Shares of HSBC fall on tax avoidance claims.
The Consumer Financial Protection Bureau is starting to draw up regulations that could sharply reduce the number of unaffordable loans from payday lenders.
The Consumer Financial Protection Bureau (CFPB) recently unveiled an internet-based tool designed to help consumers shop effectively for the lowest possible mortgage interest rate. For this tool to work, it must help mortgage shoppers...Show More Summary
In the Consumer Financial Protection Bureau’s second action against unscrupulous credit card companies this week, it has ordered a subprime credit card issuer to refund $2.7 million to customers for illegally charging costly fees. The...Show More Summary
Back in December, the Consumer Financial Protection Bureau filed a lawsuit against a Texas-based company that allegedly deceived consumers into paying fees to sign up for a sham credit card. The Bureau’s mission to shut down the company continued today when it asked a federal district court to make the company pay a $70,000 fine and permanently ban Union Workers … [More]
Shortly after the Consumer Financial Protection Bureau reported that it secured $480 million in student loan relief for current and former students of embattled Corinthian Colleges Inc., Education Credit Management Corporation – theShow More Summary
Last March, the Consumer Financial Protection Bureau said it was in the “late stages” of crafting rules to rein in the often predatory payday lending industry. Nearly a year, later the agency is reportedly on the cusp of announcing said rules. The Associated Press reports that the Bureau is ready to put its metaphorical foot down on the $46 … [More]
A new proposal issued by the Consumer Financial Protection Bureau this week aims to make it easier for consumers in rural and underserved areas of the United State to obtain mortgages. The CFPB proposed several changes to its mortgage...Show More Summary
Last summer, a major banking industry trade group launched a campaign-style political attack on the Consumer Financial Protection Bureau, purchasing ads criticizing the regulator on social media and in D.C. Metro stations.
It pays to shop around for your mortgage, since lenders' rates are all over the place. This rate checker form the US Consumer Financial Protection Bureau shows the most common rates based on your financial inputs. Read more...
``Wells Fargo (WFC) and JPMorgan Chase (JPM) have to pay a combined $35.7 million in penalties and consumer compensation for allegedly taking part in a kickback scheme with a title company, the Consumer Financial Protection Bureau said on Thursday. Show More Summary
The Consumer Financial Protection Bureau said that more than 100 former Wells Fargo loan officers and half a dozen from JPMorgan Chase accepted kickbacks to steer business to a now defunct title insurance company. The banks agreed to pay a total of about $36 million.