Links in “Consumer Protection”

The CFPB has finalized two minor changes to the "Know Before You Owe" mortgage disclosure requirements. Director Richard Cordray emphasizes that these changes will "make it easier for creditors," while also protecting consumers. [1/21/15]

If you were a victim of the Robocall scheme, don’t worry: a reimbursement check for $42.95 is in the mail! [1/19/15]

In an effort to defend prepaid product consumers, the CFPB is proposing what it sees as strong, new federal protections. The intent is to provide protections to consumers whether they are sending a payment, swiping a card, or scanning their smartphone. As comments are due 3/23/2015, join compliance lawyer Jane Pannier as she describes what the CFPB is proposing. [1/13/15]

New CFPB report finds that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. The CFPB is seeking to overcome this through a new initiative that includes an interactive, online toolkit called “Owning a Home,” that is designed to help consumers as they shop for a mortgage. The goal of the effort is to give consumers the information and confidence needed to get the best deal. [1/13/15]

A Minnesota federal court judge has ruled that Target had a duty to protect debit and credit card information from cyber thieves. This means that the plaintiffs, which include CSE Federal Credit Union, can proceed with their case for damages based on Target’s negligence in protecting consumer data. [12/4/14]

Richard Cordray has several concerns about how consumers are affected by electronic payment networks. Cordray stated that financial institutions need to be aggressively proactive in policing electronic payments to safeguard against abuses, such as automatic withdrawals made for payday lenders and for gym memberships. Cordray also identified a need for more transparency that will allow consumers to understand when deposited funds are available and when funds will be automatically withdrawn. [11/25/14]

The CFPB's arsenal of information delivery was on display as it promoted increased understanding and oversight on prepaid products. These included a new proposal and speech by Director Cordray as well as the noted blog. The blog provides a summary into the Bureau's efforts to promote consumer understanding and protection involving prepaids. [11/14/14]

CFPB orders Franklin to pay $730,000 for a compensation system that rewarded loan officers for steering consumers to higher-rate loans. On the other hand, between 2011 and 2013, Franklin Loan originated $887 million in loans. [11/14/14]

According to the CFPB, persistent efforts to collect on medical debt, collect debts of deceased family members, and making illegal threats to garnish the federal benefits top the list of complaints from older consumers. [11/6/14]

Everyone wants to speak another language, and FEMA is no different. FEMA has proposed a Language Access Plan which will assist non-English speakers by providing programs and activities in multiple languages. [10/21/14]