Links in “CFPB”
- Are Student Loan Complaint Numbers Exaggerated?
CFPB advises House committee that it has received "thousands" of student loan complaints, but digging into the data reveals the number is less than 6,000, compared to nearly 40 million borrowers, which comes out to about 154 complaints for every million borrowers.
- CFPB Goes After PHH for PMI Kickbacks
CFPB initiates proceedings against PHH alleging harm to consumers through a mortgage insurance kickback scheme dating back to 1995. CFPB will seek civil fines, an injunction and restitution. [1/30]
- NADA Issues Fair Lending Guidance for Auto Dealers
National Automobile Dealers Association has issued guidance to help auto dealers deal with CFPB's fair lending bulletin. Guidance recommends that dealers set a standard markup for all buyers, which can only be reduced for specified reasons. [1/29]
- CFPB Advises Consumers on Industry Data Breaches
CFPB publishes advisory to help consumers protect themselves in the wake of the recent breaches of payment card and other data. Promotion of key actions in event of compromised information provided. [1/28]
- House Committee Offers CFPB a Taste of Its Own Medicine
The House Financial Services Committee's website invites comments on how "the CFPB affected you, your business or your customers." [1/28]
- Review of CFPB Complaint Database Suggests Remittance Transfer Rule Changes Unlikely
Industry observer foresees no material changes to the CFPB's remittance transfer rule before 2018 based on a review of the bureau's consumer complaint database, which indicates that 74% of the complaints were "closed with explanation." [1/27]
- CFPB Reaches Beyond Banks on Remittance Rules
CFPB seeks to supervise nonbank international money transfer providers to make sure they are adhering to protections for consumers sending money abroad. [1/24]
- Cordray Heralds CFPB Results to Mayors
$3,000,000,000 in fines with 15,000 complaints: a month and a mandate to make every complaint count. [1/23]
- Narrowed List of Exceptions That Prompt Additional 3-day Waiting Period
CFPB narrows the list of mortgage loan changes that would extend closing by three days to only "significant" changes, such as a change of APR of more than 1/8 of a percent, changing the loan product, or adding a prepayment penalty. [1/23]
- Report on the Early Days of CFPB: Clash Between 2 Camps
Recent Washington Post article tells the inside story of the CFPB's early days, including a clash between two camps: one that wanted to strive to make financial institutions more transparent so that consumers could make informed decisions, and another that stressed using high-profile enforcement actions to send messages. [1/21]
