Links in “CFPB”
- 20 Calls a Day? CFPB, FTC Levy Huge Fine on Mortgage Servicer
The CFPB and the FTC have announced that they have levied a $15 million civil money penalty and ordered restitution to consumers in the amount of $48 million to be paid by Green Tree Servicing, LLC. The agencies found that the servicer had illegally failed to honor loan modifications for loans from other servicers, demanded payment before offering loss mitigation options, delayed decisions on short sales, and harassed and threatened borrowersâin some cases calling borrowers as many as 20 times per day. [4/22/15]
- Green Tree Servicing Agrees to Pay $48 Million in Borrower Restitution
The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) took action against Green Tree over mistreatment of borrowers. [4/22/15]
- Language Discrimination?
As the CFPB takes more steps to ensure that non-English speaking consumers have accessibility to financial programs and services, find out what this could mean for you institution. [4/21/15]
- It’s Official: Take Another Year to Post That Credit Card Agreement
The TILA/Reg. Z requirement that would call for credit card issuers to post their agreements in a public database on the CFPB's website beginning April 30, 2015 has been suspended for one year. The CFPB will use that year to develop an automated system that will allow users to upload agreements directly. (Note: But you're not off the hook for posting the agreement on your own publicly available website.) [4/17/15]
- CFPB Issues Credit Card Agreement Rules
The CFPB issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau. The rule temporarily suspends a requirement that each quarter certain credit card issuers send their agreements to the Bureau, which publishes them in a public database on its website. Other requirements will remain unaffected by the new rule. [4/17/15]
- Buying a House? Your Counselor Will See You Now
The CFPB reiterated guidance from 2013 regarding lenders providing housing counselors for mortgage applicants. The CFPB also provided guidance for lenders in compiling lists of housing counselors and qualifications for high-cost mortgage counseling. [4/16/15]
- CFPB Moving into Glass House?
A bill that calls for more transparency from the CFPB passed in the House overwhelmingly (401-2). The measure requires each advisory and subcommittee of the CFPB be subject to the provisions of the Federal Advisory Committee Act, which would permit their meetings to be open to the public. [4/16/15]
- April CFPB Updates
Whether you were on spring break or you were just too busy, if you haven't been watching the CFPB like a hawk recently, you've probably missed some important news. Find out what has been developing recently in this summary of April CFPB actions. [4/15/15]
- First Enforcement Action Ever Issued Jointly By CFPB and Tribal Government
Richard Cordray, Director of the CFPB, announced Tuesday that a joint enforcement action had been taken against Southwest Loans. This company allegedly targeted low-income citizens of the Navajo Nation and intentionally steered them to high-cost loans. Read more about this groundbreaking case! [4/15/15]
- Breaking Down the ABA’s Complaints Against the CFPB Complaint Portal
The ABA proposes a number of fixes the CFPB should make before it begins to publicly disclose complaint narratives, from establishing a process that would be able to identify whether a complaint is materially inaccurate and whether consumers will even glean any salient information to inform their financial decisions from redacted narratives and structured responses. [4/14/15]
