(Philip Taylor)

CFPB Wants Better, Faster Database Of Credit Card Agreements

Much like a restaurant that has to shutter for a short time while installing new kitchen equipment, federal regulators occasionally have to press pause on an important process to fix things for the long haul. So in order to improve the Consumer Financial Protection Bureau’s public database of credit card agreements, the agency is planning to give banks a brief break from having to file those documents with the system. [More]

More Than 50M Consumers Have Free Access to Credit Scores, But Some Don’t Know What To Do With Them

More Than 50M Consumers Have Free Access to Credit Scores, But Some Don’t Know What To Do With Them

Last year the Consumer Financial Protection Bureau began an initiative urging credit card issues to provide consumers with free credit scores on their monthly bills. Since then, a number of financial institutions have begun providing the information, leading more than 50 million consumers to have free and regular access to their scores. [More]

(Wilfredo Cebrian)

Colleges May Be Violating CARD Act By Not Providing Copies Of Credit Card Agreements

Although the number of agreements between credit card issuers and higher education institutions are on the decline, many of the schools that do have such agreements may be in violation of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act by not making those contracts publicly and readily available to consumers, according to a new investigation by a consumer group finds. [More]

(C x 2)

CFPB Orders Mortgage Company To Pay $2M Penalty For Deceptive Advertising & Kickbacks

The Consumer Financial Protection Bureau continued its ongoing crackdown of companies deceptively marketing products to U.S. veterans by ordering NewDay Financial, LLC to pay $2 million and revamp its business practices. [More]

(Adam Fagen)

Reverse Mortgage Complaints Show Consumers Confused By Loan Terms

While reverse mortgages are only available to a select group of consumers – those 62 years and older – the alternative loan product still makes up a large portion of complaints received by the Consumer Financial Protection Bureau. Today, the Bureau released a report highlighting the most common consumer complaints about reverse mortgages, along with advice for borrowers [More]

(Bryan Brenneman)

CFPB Orders Subprime Credit Card Company To Repay Consumers $2.7 Million After Charging Illegal Fees

In the Consumer Financial Protection Bureau’s second action against unscrupulous credit card companies this week, it has ordered a subprime credit card issuer to refund $2.7 million to customers for illegally charging costly fees. [More]

(Louis Abate)

CFPB Asks Court To Shut Down Texas Company’s Deceptive, Illegal Credit Card Offer

Back in December, the Consumer Financial Protection Bureau filed a lawsuit against a Texas-based company that allegedly deceived consumers into paying fees to sign up for a sham credit card. The Bureau’s mission to shut down the company continued today when it asked a federal district court to make the company pay a $70,000 fine and permanently ban Union Workers Credit Services from offering any consumer credit products in the future. [More]

Deal Provides $480 Million In Debt Relief To Current & Former Corinthian Colleges Students

Deal Provides $480 Million In Debt Relief To Current & Former Corinthian Colleges Students

When student-loan servicing company Educational Credit Management Corporation revealed it would purchase 56 campuses belonging to embattled for-profit college chain Corinthian Colleges, regulators and consumer advocates began working to ensure that students affected by CCI’s collapse would be protected under the deal. Today, the Consumer Financial Protection Bureau and the U.S. Department of Education announced some students would receive the help they deserve in the way of $480 million in debt relief. [More]

(Observe The Banana)

Report: CFPB To Release Rules Governing Payday Loan Industry Soon

Last March, the Consumer Financial Protection Bureau said it was in the “late stages” of crafting rules to rein in the often predatory payday lending industry. Nearly a year, later the agency is reportedly on the cusp of announcing said rules. [More]

(Bill Bradford)

CFPB Proposal Aims To Improve Mortgage Access In Rural & Underserved Areas

A new proposal issued by the Consumer Financial Protection Bureau this week aims to make it easier for consumers in rural and underserved areas of the United State to obtain mortgages. [More]

(Morgan)

Proposed Scorecard Could Help Protect Students From Dangerous Banking Products

For the past several years, federal agencies, lawmakers and consumer advocates have shared their displeasure with the rather cozy relationship between the financial industry and higher education institutions and set out to protect consumers from the often shady deals made between the two groups. Now the Consumer Financial Protection Bureau is setting out to protect students by creating a scorecard that would help ensure colleges have all the pertinent details when it comes to partnering with financial institutions that offer checking and prepaid accounts to students. [More]

Nearly half of all consumers didn't shop around before applying for a mortgage.

Many Homebuyers Spend More Time Shopping For A TV Than Looking For The Right Mortgage

Potential homeowners might spend months nitpicking and fretting over the features of a seemingly endless series of houses they could buy, but a new report from the Consumer Financial Protection Bureau claims that half of American homebuyers aren’t taking the same care when it comes to shopping around for the right mortgage, often putting themselves in precarious lending situations and missing out on savings. [More]

(Hammerin Man)

CFPB Urges DoD To Close Loopholes That Cost Military Personnel Millions Of Dollars

Nearly three months ago the Obama administration and the Department of Defense announced a proposed overhaul of the Military Lending Act that would aim to close loopholes regularly exploited by predatory lenders in order to sink their hooks into military borrowers. Now, a new report from the Consumer Financial Protection Bureau highlights just how devastating – and costly – those loopholes can be for servicemembers. [More]

The CFPB, along with AGs from Virginia and North Carolina took action against Freedom Furniture & Electronics and its related companies for alleged illegal debt collection practices involving servicemembers.

CFPB: Retailer Allegedly Using Illegal Debt Collection Practices Against Servicemembers Must Refund $2.5M

The Consumer Financial Protection Bureau continues its fight against companies that continuously take advantage of members of the military, despite protections afforded to them under federal laws. Regulators’ latest victory? A settlement demanding over $2.5 million in consumer relief from three companies that allegedly used illegal tactics to pilfer money from servicemembers and their families. [More]

(northernplateguy)

CFPB Suit: Texas Company Charged Consumers Millions In Fees For Credit Card They Couldn’t Use

Credit cards, while often a risky financial product, can at times prove to be a proverbial lifesaver when you get into a pinch. For that reason, most consumers who apply for a card envision using it as a valid form of payment for any number of reasons. While a Texas-based company marketed their credit card as general-use, consumers quickly found out that wasn’t actually the case. And so, the Consumer Financial Protection Bureau has filed suit against the company for its allegedly deceptive ways. [More]

(Adam Fagen)

CFPB Takes Action Against Two Alleged Student Debt Relief Scams

Student loan borrowers have enough to worry about, so they shouldn’t have to deal with being hounded by so-called debt relief companies promising to provide consumers with repayment benefits that actually come free of charge with federal loans. Today, the Consumer Financial Protection Bureau took action to put a stop to two such relief scams that reaped millions of dollars from thousands of consumers. [More]

(https://www.flickr.com/photos/mississippi_snopes/4074354495/)

Consumer Advocates Shine Spotlight On Too-Common Credit Reporting Errors

By now we know that credit reporting agencies are notoriously difficult to work with when it comes to fixing errors on one’s credit report. While legislators and consumers groups have long called upon credit reporting agencies to provide better service to disputing customers, little has been done to actually affect change. Now, advocates with Consumers Union are putting the spotlight on how devastating these errors can be for consumers. [More]

New DoD Protections Aim To Keep Shady Businesses From Taking Advantage of Military Members

New DoD Protections Aim To Keep Shady Businesses From Taking Advantage of Military Members

Members of the military — particularly younger members from lower-income backgrounds — are too often the target of shady, predatory businesses looking to take advantage of their youth and inexperience with finances. The Military Lending Act offers some protections, but these operators find ways to get around the law. On Friday, the U.S. Dept. of Defense took steps to eliminate some of those exploitations by creating reforms to the current military discretionary allotment system. [More]