Links in “CFPB”

Credit card companies have been officially warned by the CFPB against deceptively marketing special interest rate promotions. Certain companies have been offering consumers reduced or zero interest deals for transferring specific purchases and balances from another credit card, and then hammering consumers with hidden interest charges. The CFPB has directed that a clear disclosure of costs and risks must be made prior to signing consumers up for such programs. [9/4/14]

Bloomberg reports a family's plight as their in-progress modification got lost in the shuffle of a mortgage deal between Bank of America and Nationstar Mortgage. "Regulators never anticipated their servicing rules would be dodged by banks simply by selling off their mortgage servicing business to ... nonbank companies." [9/4/14]

The CFPB has announced the appointment of eight new members to its Credit Union Advisory Council (CUAC). The CUAC has 15 members, all from credit unions with less than $10 billion in assets. [8/29/14]

The CFPB is publishing a proposed amendment to Regulation C (HMDA) for public comment. The changes focus on adding and clarifying several reporting elements for institutions, as well as amending institutional and transactional coverage under the regulation. The public comment period is open through October 29, 2014. [8/29/14]

CFPB staff intends to offer Q&As on the TILA-RESPA integrated disclosure rules, but only via a series of webinars. Here's a recap of the Q&A from the 8/26/14 webinar co-hosted by the CFPB and the FRB. [8/29/14]

The CFPB is joining in with other departments to protect servicemembers, veterans, and their family members who are attending college. A signed agreement establishes the framework for sharing complaints; making fraud, deception, and misleading information known; and formalizing a student complaint system. [8/27/14]

The CFPB released a report on how to improve financial wellness in the workplace in our current times of financial strain and recession.  The report is a resource for employers, non-profits, and others interested in promoting financial wellness programs among their employees. [8/27/14]

CFPB hits Global Client Solutions, a large payment processor, for $7 million for illegally collecting upfront fees from consumers for debt settlement companies. [8/26/14]

Credit unions will be able to continue to use estimates on their remittance transfer pricing disclosures until July 21, 2020. The final rule issued by the CFPB on Friday extended by five years a temporary exemption that was due to expire next year. [8/25/14]

The CFPB finalized its remittance rule which is targeted at protecting consumers who send money internationally. New changes include error resolution, canceling rights, and the required disclosure of fees by remittance transfer providers. [8/25/14]