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The Green Tree/Ocwen/Nationstar Hustle

6 days agoUS Politics / Liberal : BlueNC

The Consumer Financial Protection Bureau reported in March 2014 that mortgage complaints are rising and cite loan transfers as a significant facet of the problem. Loan servicers such as Green Tree, Ocwen, and Nationstar are subjecting...Show More Summary

BofA to pay $727 million to consumers over credit card practices

``The Consumer Financial Protection Bureau and Office of the Comptroller of the Currency said they had ordered the bank to pay $727 million in relief to consumers to resolve problems with add-on products providing identity theft and payment protection products. ''

Bank Of America Ordered To Repay Consumers $727M For Sketchy Marketing Practices

Bank of America just received a hefty bill from the Consumer Financial Protection Bureau to repay $727 million to consumers wronged by the bank’s deceptive marketing practices regarding credit card add-on products. The Consumer Financial...Show More Summary

$800 Million Penalty for Bank of America Credit Card Practices

The Consumer Financial Protection Bureau said that the bank “illegally charged” its customers for credit-monitoring and credit reporting services that were not received. The bank was ordered to refund more than a million customers who purchased the products.

Republican Lawmaker Pushes ‘Sunshine’ at U.S. CFPB

Three years ago, officials at the Consumer Financial Protection Bureau touted the value of transparency at the fledgling agency in a blog entry called “Keeping it Sunny at the CFPB.”

Establishment Press Lets CPFB Whistleblower Story Alleging Harassment and Racism Stay Buried at Politico

The primary objection to the Consumer Financial Protection Bureau (CPFB), created as part of the mammoth Dodd-Frank legislation passed in 2010, has been its unaccountability. It "is ensconced within the Federal Reserve," which frees it from congressional and presidential oversight. Show More Summary

Fenway Summer Acquires Start-Up Mortgage Lender

A firm started by Raj Date, a former official at the Consumer Financial Protection Bureau, plans to start making home loans in the next few months.

Report: People Complain About Debt Collection, Even If You Do It Right

Consumers complain about debt collection efforts, even when you’ve done everything right. A report from the U.S. Consumer Financial Protection Bureau claims 200,000 consumer complaints were filed with the agency since the middle of last year. Show More Summary

Miscollection Agencies

A recent report from the Consumer Financial Protection Bureau suggests that many Americans are being hounded by collectors for debt they may not actually owe: The CFPB’s “Fair Debt Collection Practices Act” annual report [PDF] shows that nearly 34% of complaints received by the Bureau involve consumers being hounded by collectors for a debt the consumer does […]

Ryan budget looks out for the rest of us by gutting Consumer Financial Protection Bureau

No financial protection for you. Jamelle Bouie finds a very special nugget in Paul Ryan's latest iteration of what he calls a budget [pdf]. In the section that details all of the ways in which they'll gut the Dodd-Frank Wall Street reform...Show More Summary

CFPB Receives Double The Consumer Complaints In 2013, But Sought Fewer Explanations

COMPLAINTS UP, RESOLUTIONS DOWN The Consumer Financial Protection Bureau heard a lot from consumers in 2013. The agency received the most complaints in its history, including those from three new areas – payday loans, money transfers and debt collections. Show More Summary

Lawmakers Sparring Over CFPB Hearing

House lawmakers are once again arguing over the Consumer Financial Protection Bureau, this time feuding over whether a CFPB lawyer should testify in public about her discrimination case against the agency.

Consumer Regulator, GOP Spar Over Employee Discrimination Probe

The Consumer Financial Protection Bureau is tangling with congressional lawmakers again, this time about Republican plans to air an employee’s discrimination complaint in public next week.

New Mortgage Rules Protect Against Risky Loans

Good news for people shopping for a mortgage -- and for current homeowners facing foreclosure because they can no longer afford their home loan: New mortgage regulations drafted by the Consumer Financial Protection Bureau recently took...Show More Summary

CFPB Payday Loan Hearings in Nashville Backfire for Obama Administration

Consumer Financial Protection Bureau Director Richard Cordray and an entourage of CFPB employees, several of whom are veterans of the Obama and Elizabeth Warren campaigns, descended on Nashville, Tennessee, for a payday loan field hearing Tuesday at the Country Music Hall of Fame. Show More Summary

Payday loans costing borrowers big bucks

A new study from the Consumer Financial Protection Bureau says about half of all payday loan customers end up paying more in fees than the original cost of their loan. The watchdog group says about four of five payday loans are extended within 14 days and borrowers are charged every time a loan is rolled over. Jill Wagner has that story and more MoneyWatch headlines.

Obama Consumer Finance Protection Bureau Flouts Transparency Law

On its website, the Obama Consumer Financial Protection Bureau (CFPB) proudly boasts: Our mission is… ensuring that consumers get the information they need to make the financial decisions they believe are best for themselves and their families—that prices are clear up front, that risks are visible, and that nothing is buried in fine print. Show More Summary

What Does the New CFPB Ruling Mean for My Student Loan Debt?

The Consumer Financial Protection Bureau recently announced that it would begin monitoring non-bank student loan servicers.

CFPB Releases Report on Controversial Performance Reviews

The Consumer Financial Protection Bureau released an internal report showing it gave better performance reviews to whites than minorities and pledged to improve its employee-evaluation system.

U.S. consumer agency to focus on workplace diversity, fairness

WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau said on Friday it is increasing efforts within the agency to create a more diverse and fair work environment following concerns about discrimination.

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