Links in “CFPB”

Lighthouse Title has been ordered by the CFPB to pay $200,000 for referrals which violated RESPA. Director Cordray, stated, "[we] will continue to take action to ensure that the mortgage market is a level playing field where everyone plays by the rules." [10/1/14]

The CFPB has released a report detailing apparent dissimilarities between homes built onsite versus manufactured homes. In 2012, 68% of manufactured homes were considered high-priced mortgage loans, whereas only 3% of site-built homes were classified as such. See the full report here. [10/1/14]

When it comes to advertising, the Consumer Financial Protection Bureau has its eye on financial institutions. And with the coming holiday season and the spike in advertising that frequently accompanies it, expect the CFPB to be on the lookout for all kinds of false claims, but for one kind in particular. AffirmX's Jane Pannier describes what the CFPB has identified as deceptive and/or abusive to consumers and the guidance they've published to combat this issue. [9/30/14]

The CFPB has taken action against Flagstar Bank, citing the bank for violating the new mortgage servicing rules. The bank will pay $27.5 million to victims in addition to a $10 million fine. [9/30/14]

After charging consumers for add-on features that were never provided, U.S. Bank is required to pay $48 million in relief to customers, $4 million to the OCC, and $5 million to the CFPB. Richard Cordray, CFPB Director, was absolutely unapologetic, saying "we have consistently warned companies about [these] practices..." [9/26/14]

The CFPB has announced Project Catalyst—a research program designed to assess the effectiveness of credit card counseling for consumers. The program is especially designed to investigate early intervention tactics to calibrate programs to most effectively help consumers' protect their credit futures. [9/26/14]

U.S. Bank will pay $48 million in relief to customers and $9 million in penalties to the CFPB and OCC for issues related to the practices of its third-party vendor, Affinion, in handling credit card add-on services. [9/26/14]

News groups submit that CFPB proposal that would require consumers to consent to public disclosure of their complaint narrative should be removed, because the complaints are already subject to disclosure under FOIA. [9/25/14]

CFPB Director Richard Cordray identifies the plaguing effects of student debt on the overall economy. Among other things, the likelihood to purchase homes and cars or hold public service jobs are influenced by increasing levels of student debt. Further, Cordray explains his recent efforts to encourage public service employers to help employees manage their student debt. [9/24/14]

Find out what the National Association of State Credit Union Supervisors has to say about the CFPB's proposal to expand the publicly available complaint data to include unstructured complaint narratives. Overall, NASCUS points out that potential complications and burdens may outweigh the expected benefits of the proposed change. [9/24/14]