Links in “CFPB”

Following reports that non-minority customers were receiving checks as part of the CFPB's Ally Bank settlement, the CFPB posted on its blog that if consumers think they received a check in error or they are not eligible, they should call the Ally Settlement Administrator. [2/1/16]

The CFPB has released its latest monthly consumer complaint snapshot highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair noting key focus on fraud and problems with reliable customer service. [1/29/16]

The CFPB released its 2016 edition of the list of consumer reporting companies as well as the importance of checking credit reports. The free annual report lacks actual credit scores, but does provide consumers with a useful summary of their credit history. The CFPB is further promoting the importance of correcting errors detected in credit reports and methods for doing such. [1/29/16]

A group called Human Rights Watch has issued a report using anecdotal methodologies to criticize the debt-buying industry, the court system and the banking industry in general. The report is likely to find readers at the CFPB. [1/29/16]

PHH Corp. of New Jersey was hit with a $6 million fine for alleged "kickbacks." The lender protested the judge's decision. CFPB Director Cordray took issue with the lender's protest and slapped it with a $109 million penalty instead. PHH appealed. Now the District of Columbia Circuit Court of Appeals has set a date to review the matter. It's a case that many in the industry are watching closely as "the first serious test of the CFPB's enforcement authority." See also here. [1/26/16]

Auto dealer in Colorado offered financing to about 1,000 people each year. Despite the small volume, it attracted CFPB's attention. Here are the unfair, deceptive, or abusive acts or practices that caught the bureau's eye. [1/25/16]

Herbies Auto Sales in Greeley, Colo., advertised a 9.99% APR, but then hid in it a $1,650 required repair agreement and $100 for GPS payment reminder device. The CFPB has hit the company with $800,000 in restitution and penalties. [1/22/16]

Inquiring minds in the House want to know why the CFPB is distributing money from the $80 million Ally Financial racial discrimination settlement to some white borrowers. Some suggest that sending settlement checks to verified customers would result in only 36,000 checks, far fewer than the 235,000 consumers the CFPB had publicly alleged were harmed by Ally. [1/21/16]

Last year, Ally Financial and the CFPB reached a settlement on claims that Ally engaged in racial discrimination against African-American, Hispanic and Asian borrowers. However, a report just released by the House Financial Services Committee says that the CFPB erred in the methodology it used to identify the recipients of settlement checks and some checks were sent to white borrowers, as well. [1/21/16]

The CFPB is seeking new members for its academic research, consumer advisory, community bank advisory, and credit union advisory councils. Have you got what it takes? [1/21/16]