Links in “CFPB”
- CFPB: Gotta Catch ‘Em All
The CFPB announced Wednesday its actions against the Hydra Group, alleged to be running an illegal cash-grab scam. The company is purported to use consumer information purchased from lead generators to illegally deposit payday loans into consumers accounts, then withdraw fees without consent. [9/18/14]
- Scheme Takes $100 Million from Bank Accounts of Online Payday Loan Shoppers
The CFPB and FTC have shut down two operations that swindled consumers who were looking for loans online and had money withdrawn from their bank accounts under false pretenses over a period of time. Victims said they couldn't stop the companies from drawing money out of their accounts. [9/18/14]
- Trade Groups to CFPB: Put It in Writing
Trade groups unite in their appeal to the CFPB to provide more than oral guidance at webinars when it comes to implementation of the new TILA/RESPA integrated mortgage disclosure rules. Given the complexity of the new rules, they are requesting written, authoritative guidelines. [9/17/14]
- Corinthian Colleges Collection Controversy
The CFPB has sued a for-profit chain of colleges, Corinthian Colleges Inc. for predatory student lending and collection schemes. Corinthian is alleged to have lured in students by misrepresenting career services and job prospects, after which the schools utilized illegal practices to collect on the incurred debt. The CFPB has provided a letter specifically to Corinthian students to provide guidance while pursuing the lawsuit. [9/17/14]
- CFPB Stands in Servicemembers’ Corner
The CFPB's "Tell Your Story" program highlights a servicemember who was targeted by a deceptive auto lending program and decided to take a stand. An investigation into the situation resulted in enforcement action against the lender in 2013, and required the lender to refund nearly $6.5 million to over 50,000 servicemembers. [9/17/14]
- Proposal to Expand Complaint Database a “Solution in Search of a Problem”
Report says that on top of the overreach that the CFPB's proposed expansion of its consumer complaint database, superior consumer databases already exist, such as Yelp, which have commercial incentives to encourage accurate reviews and to provide a mix of reviews representative of consumers' actual experiences, not just a wall of complaints. [9/16/14]
- Banks Put Brakes on Campaign Against CFPB
The Financial Services Roundtable, a group headed by former Minnesota governor and now bank lobbyist Tim Pawlenty, has put the brakes on a campaign attacking the CFPB after some roundtable members, such as JPMorgan, Bank of America and Citigroup, objected. The banks did not wish to be seen as being part of an effort to antagonize the agency that polices them. [9/16/14]
- Cordray to Talk Checking Account Screening
The CFPB will host a discussion on how screening for checking accounts functions and how this impacts consumers. [9/16/14]
- CFPB: Ready or Not, Here I Come
For the first time the CFPB has the authority to supervise nonbank international money transfer providers that provide more than 1 million international money transfers annually. But donât worry too much; the CFPB has given a heads-up regarding the focus of these new exams. [9/15/14]
- FTC Calls Attention to Mobile Services
The FTC has responded to the CFPBâs request for information concerning the use of mobile financial systems. The FTC highlights five consumer protection issues and the risk mitigation steps that are in place to address these issues. [9/15/14]
