Some 10 million Americans are considered “unbanked,” often because they are believed to pose too high a credit risk for a bank to offer them a standard checking account. But the federal Consumer Financial Protection Bureau believes many of these people could be brought into the fold if more banks were to offer lower-risk deposit accounts that provided the benefits …
Mortgages, credit reporting and debt collection grievances collectively represented 68 percent of all complaints submitted to the Consumer Financial Protection Bureau's complaint database in the last month of...
The Consumer Financial Protection Bureau reached a $700,000 settlement with a “buy-here, pay-here” dealership earlier this month, part of the CFPB’s ongoing policing of alleged misleading advertising and marketing in auto lending. The CFPB directly regulates financing at buy-here, pay-here dealerships. As the name implies, those dealerships make their own loans, [...]
Critics who warned in 2010 that the odious Dodd-Frank law's Consumer Financial Protection Bureau would become a rogue agency which would become a largely unaccountable behemoth on a mission to create problems where none exist could not...Show More Summary
Now that the Consumer Financial Protection Bureau’s (CFPB) Ability-to-Repay/Qualified Mortgage rule has been effective for two years, technology companies are working to provide tools that enable lenders to verify borrower information. The latest tool is VOE Xpress, a web-based solution developed by ComplianceEase that marries verification of employment, or VOE, and speed...
Since we last reported on the Consumer Financial Protection Bureau (CFPB) and its controversial crusade to uncover racial discrimination by car dealers on interest rate markup on automobile loans, the agency has ordered over $100 million in fines and settlements against banks that some have deemed extortion. Show More Summary
The idea of a well-regulated financial system, with governmental oversight, that has some limits on how royally it can screw over the consumer, is just anathema to too many of our elected officials. You expect it from Republicans, but you don't expect it from Democrats. Show More Summary
The Consumer Financial Protection Bureau is having trouble giving away money. The latest controversy between the consumer watchdog agency and its mostly Republican critics in Congress involves an $80 million settlement Ally Financial Inc. paid, back in late 2013. Ally paid the money, plus a civil penalty of $18 million, to settle [...]
On January 12, 2016, four members of Congress--including Housing Financial Services Committee Ranking Member Maxine Waters--called on the U.S. Department of Justice and the Consumer Financial Protection Bureau to conduct an inquiry into...Show More Summary
Mitch Strohm Quick. At what age should you start collecting Social Security? It’s not an easy question to answer, right? Fortunately, the Consumer Financial Protection Bureau recently put out a calculator that helps you decide. The tool allows you to explore how your claiming age impacts your retirement benefits. Show More Summary
Frederick J. Hanna & Associates, a Georgia-based 'lawsuit mill,' resolved a lawsuit brought against it by the Consumer Financial Protection Bureau. The CFPB's complaint alleged that the law firm and its three principal partners relied on faulty, questionable evidence and misleading court filings in order to continue operating a lawsuit......
Noted financial services expert Newt Gingrich was given the opportunity by congressional Republicans to testify about the horrors of consumer financial protection earlier this month. Because it's a Republican Congress and it's Newt Gingrich. Show More Summary
"Today, the Consumer Financial Protection Bureau is so far outside the historic American model of constitutionally limited government and the rule of law that it is the perfect case study of the pathologies that infect our bureaucracies...Show More Summary
When the real estate industry was preparing for TRID -- the new set of disclosure rules outlined by the Consumer Financial Protection Bureau (CFPB) -- closing delays were the biggest industry concern. And although the delays have been...Show More Summary
The new TRID rules and forms took effect on October 3, 2015. The TRID rules are a result of the the Consumer Financial Protection Bureau (CFPB) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA),...Show More Summary
A House hearing called out witness Newt Gingrich for his shady financial dealings seeking to undermine the work of the Consumer Financial Protection Bureau (CFPB). Gingrich, who works as a Fox News contributor and Washington Times columnist,...Show More Summary
Although employees of the Consumer Financial Protection Bureau overwhelmingly see their jobs as significant and satisfying, nearly half feel that compensation is not based on performance, according to a survey released this week. ...
Reforming the landmark financial regulation package would help protect consumers. So why is Liz Warren standing in its way?
Congress appears to think the U.S. economy has improved so much that it’s time to turn the screws on American households. Convinced that consumers and household borrowers needed more protection from the financial industry in the aftermath...Show More Summary
Lender liability is a hot topic these days, with TILA-RESPA Integrated Disclosure (TRID) in effect since Oct. 3. Although the Consumer Financial Protection Bureau (CFPB) has said it will be lenient to those who show they are making a...Show More Summary