Links in “CFPB”

The CFPB’s most recent lawsuit is against Nationwide Biweekly for deceptive mortgage payments. Director Cordray stated that the CFPB will be “taking action to end these illegal and deceptive practices, and to hold these companies accountable for their actions.” [5/12/15]

The CFPB has released a bulletin aimed at helping mortgage lenders avoid discrimination when it comes to consumers who are receiving public housing assistance. [5/12/15]

The CFPB and the DOJ report they are using different screening methods that are revealing more evidence of redlining. With this data, the CFPB has taken action against Nationwide Biweekly Administration, Inc. for falsely representing that consumers would save money through its program. [5/12/15]

The CFPB has become aware of institutions discriminating against applicants whose income includes vouchers from Section 8 Housing Choice Voucher Homeownership program, and issues a reminder that such practice is a violation of ECOA. [5/12/15]

The CFPB files suit against a pair of companies and their owner for deceptive practices concerning its biweekly mortgage payment program called "Interest Minimizer" that claimed customers could achieve savings without increasing their payments. [5/12/15]

Based on recent CFPB enforcement actions, it’s clear that financial institutions need to look beyond just technical compliance for their marketing materials, and keep in mind that perception may not be reality.  Be sure that your message is always clear, concise, and true—and pay particular attention to “bad” publicity. [5/11/15]

The practice of charging more or excluding products from certain geographic areas hasn't gone away, according to the CFPB and DOJ. The two agencies are taking a renewed interest in looking at potential redlining among lenders. [5/11/15]

The CFPB Director has sent a letter to the House stating that the August 1 due date for the new integrated TILA/RESPA disclosures should not be overly burdensome as August is not a busy month for new mortgage applications, although he admitted that it is a busy month for mortgage closings. A recent House bill would provide lenders with a 5-month “hold harmless” bill from penalties and enforcement actions if the lender can demonstrate a good faith effort to comply with the new disclosure requirements. [5/8/15]

Richard Cordray's short remarks at the onset of the Academic Research Council annual meeting highlight ongoing efforts by the CFPB to use information from the academic consumer think tank to aid the CFPB's Office of Research. [5/8/15]

The CFPB released a report about the characteristics of consumers without traditional credit reports or credit scores. Where this may be headed could potentially harm all stakeholders, from those who make the credit decisions, to those consumers impacted by those decision. [5/7/15]