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What the $18.5 Million Dollar Discover Student Loan Fiasco Means for your Student Loans

Earlier this month, Discover Bank and affiliates was ordered to refund $16 million dollars to customers and fined $2.5 million dollars by the Consumer Financial Protection Bureau (CFPB), a federal agency dedicated to protecting consumers. The reasons for the ruling was illegal private student loan servicing practices ranging from misprints on [...]

TRID changes: Realtors should expect longer closings, walk-through tweaks

While the Consumer Financial Protection Bureau (CFPB) may have thrown the real estate industry a bone by extending the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule to Oct. 3, the clock is ticking on the time everyone has left to prepare to comply with the sweeping mortgage regulation and related changes to real estate closings...

Appeals Court Revives Texas Bank’s Lawsuit Challenging Constitutionality Of CFPB

This week, the Consumer Financial Protection Bureau celebrates its fourth anniversary of protecting consumers from harmful practices and shady characters in the financial sector. But instead of buying the regulatory arm a big ol’ birthday...Show More Summary

Ted Cruz Seeks To Elminate CFPB For Doing Opposite Of What Its Name Implies

The Consumer Financial Protection Bureau (CFPB), created when Congress enacted the Dodd-Frank financial regulations in 2010, is an agency that does the opposite of what it name implies, and two federal lawmakers from Texas have introduced legislation to eliminate the agency, HousingWire reported yesterday. Show More Summary

Discover Fined: Financial Services Co. Engaged In Illegal Student Loan Practices – Ordered To Pay $18.5 Million

Discover Financial Services will refund $16 million to its customers and has been fined $2.5 million penalty. Evidently, the organization engaged in illegal student loan practices. The Consumer Financial Protection Bureau (CFPB) has ordered Discover to fork out a total of $18.5 million over claims that the company abused student loans. Show More Summary

Discover Penalized For Allegedly Cheating Student Loan Borrowers

Discover Financial Services agreed to pay at least $18.5 million for allegedly cheating more than 100,000 borrowers with private student loans, the federal Consumer Financial Protection Bureau said Wednesday. The regulator alleged that...Show More Summary

Discover Slammed By CFPB For Illegal Student Loan Servicing Practices

The Consumer Financial Protection Bureau announced Wednesday that it is taking action against Discover Financial Services for illegal student loan servicing practices, charging it $18.5 million and ordering the company (and its affiliates) to clean up its billing, interest reporting and collection practices. Show More Summary

CFPB Wins $700 Million Deceptive Practices Case Against Citibank, So Ted Cruz Wants to Shut Them Down

Steve Benen points out today that Ted Cruz wants to eliminate the Consumer Financial Protection Bureau because it "does little to protect consumers." Ironically, this comes on the same day that the CFPB won a case against Citibank for deceptive practices that resulted in a $700 million fine. Show More Summary

Discover Bank Must Pay $18.5 Million Over Illegal Student Loan Servicing Practices

As federal regulators continue to probe potentially unscrupulous student loan servicing practices, the Consumer Financial Protection Bureau has ordered Discover Bank and its affiliates to pay nearly $18.5 million in refunds and fines...Show More Summary

Citigroup Must Refund $700 Million in Credit Case

The settlement with the Consumer Financial Protection Bureau also includes $70 million in fines for illegal and deceptive credit card practices involving add-on products.

D.C. is the “State” With Highest Per-Capita Consumer Financial Complaints

The Consumer Financial Protection Bureau has a new database of people who have filed complaints about persistent/harassing debt collectors, credit report mistakes, and financial scammers. Turns out that D.C. is averaging 577 complaints per 100,000 people, which is the highest of any “state.” (As with any rankings that compare D.C. Show More Summary

Consumer bureau celebrates 5th birthday with big fines for Citibank

President Obama signs Dodd-Frank financial reform law, July 21, 2010. The massive financial reform bill known as Dodd-Frank turns five on Tuesday. The White House is celebrating by issuing a handful of long overdue rules to protect service...Show More Summary

Citi to pay $700M for deceptive credit card marketing

``A consent order issued by the Consumer Financial Protection Bureau said about 7 million consumer accounts were affected between 2003 and 2012 by the bank's deceptive marketing of five debt protection products and additional add-ons that offered credit monitoring.''

Citibank Forced To Pay $700 Million For Deceptive Credit Card Practices

Citibank will be required to pay $700 million to 8.8 million customers for illegal credit card practices, the Consumer Financial Protection Bureau said Tuesday. Between 2002 and 2013, Citibank sold its credit card customers add-on services...Show More Summary

As Wall Street Reform Turns 5, Fight Continues to Protect CFPB

Today marks the fifth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the fourth birthday of its signature Consumer Financial Protection Bureau. CFPB is the little agency Wall Street banks, credit bureaus, debt collectors and payday lenders love to hate because it works for consumers, not them. Show More Summary

Citibank Forced to Repay $700Mln to Consumers for Shady Practices

The US financial giant Citibank engaged in deceptive and illegal marketing and billing practices targeting nearly seven million consumers for at least a decade, the US Consumer Financial Protection Bureau announced on Tuesday.

Citibank Must Pay $700M Over Illegal Marketing, Collection Practices

The Consumer Financial Protection Bureau ordered Citibank and one of its subsidiaries to pay $700 million in relief to more than 8.8 million consumers for engaging in a string of illegal credit card practices, including deceptively marketing...Show More Summary

Citibank to pay $700 million over credit card practices: U.S. regulator

WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau ordered Citigroup Inc's consumer bank to pay $700 million in relief to borrowers for what the agency said on Tuesday were illegal credit card practices. The consumer...Show More Summary

Christopher Dodd and Barney Frank Are Welcomed at Watchdog Agency They Helped Create

Barney Frank and Christopher J. Dodd received a hero's welcome during a visit to the Consumer Financial Protection Bureau, the watchdog agency created as part of the 2010 financial regulation law that bears their names.

Could Antonakes’ resignation be sign of change to come at CFPB?

Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes on Thursday announced he will resign from his post, a day after congressional lawmakers grilled the bureau about allegedly overspending and exceeding its authority...

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