CFPB Proposes Rule To Oversee Automakers’ Financial Units, Stop Discriminatory Lending

CFPB Proposes Rule To Oversee Automakers’ Financial Units, Stop Discriminatory Lending

The lending arms for national car dealers, such as Ford and Toyota, may soon have to answer to federal regulators. The Consumer Financial Protection Bureau released a proposed rule that would give the agency oversight of automakers’ financing units in a step to prevent discrimination and other harmful practices – marking a move that was applauded by several consumer advocacy groups. [More]

Feds Sue Corinthian Colleges For Pushing More Than $560M In Predatory Loans On Students

Feds Sue Corinthian Colleges For Pushing More Than $560M In Predatory Loans On Students

 

Tens of thousands of students were duped by Corinthian Colleges Inc. into taking out costly predatory, and often financially devastating, private student loans to finance their post-secondary education, the Consumer Financial Protection Bureau alleges in a recently filed lawsuit against the large for-profit education company. [More]

CFPB Warns Consumers That Some Credit Card Companies Aren’t Disclosing Risks Of Promotional Offers

CFPB Warns Consumers That Some Credit Card Companies Aren’t Disclosing Risks Of Promotional Offers

With a plethora of credit cards on the market, consumers may be drawn to companies and banks that offer the best promotion at any give time. While those deals might seem like a steal at first, the Consumer Financial Protection Bureau is concerned that companies aren’t clearly disclosing the costs and risks of those offers in a way that consumers can easily understand. [More]

(Daquella manera)

CFPB: Company Should Pay $7M For Processing Illegal Fees For Debt-Relief Services

Charging up front for debt-relief services without any actual results for the customer is illegal. But despite that, says the Consumer Financial Protection Bureau, a payment processing company processed millions of dollars worth of illegal fees from consumers. [More]

Subprime Auto Lender Fined $2.75M For Providing Inaccurate Information To Credit Agencies

Subprime Auto Lender Fined $2.75M For Providing Inaccurate Information To Credit Agencies

Even the slightest bad rating on a credit report can have long-lasting negative affects on consumers’ lives – from getting jobs to renting or buying a home. And while most bad credit behavior detailed on credit reports are of the consumers’ own doing, sometimes it’s the result of inaccurately furnished information from financial institutions. That appears to be the case for a Houston-based financial group that now faces a hefty fine from the Consumer Financial Protection Bureau. [More]

Sketchy Retailer Caught Scamming Servicemembers With Pointless Fees

Sketchy Retailer Caught Scamming Servicemembers With Pointless Fees

A discount retailer that came under fire last month for its questionable lending and marketing practices received a slap on the wrist from federal regulators for allegedly tricking thousands of servicemembers into paying fees for legal protections they already had and for certain services that the company failed to provide. [More]

CFPB Orders Online Mortgage Lender To Pay $19.3 Million For Bait-And-Switch Scheme

CFPB Orders Online Mortgage Lender To Pay $19.3 Million For Bait-And-Switch Scheme

Business wasn’t exactly booming for mortgage lenders after the great recession and housing market slump, but that doesn’t mean they had the right to mislead consumers just to make a few (million) bucks. One company that allegedly did just that must repay million of dollars to customers it wronged. [More]

CFPB: Bitcoin, Dogecoin And Other Virtual Currencies Like “Wild West,” Now Accepting Complaints

CFPB: Bitcoin, Dogecoin And Other Virtual Currencies Like “Wild West,” Now Accepting Complaints

Most financial investments come with significant risks and uncertainties. The mostly unregulated world of virtual currency is no different and U.S. regulators are warning consumers of a “Wild West” environment where there may be little to no recourse should things go south with their digital wallets. [More]

CFPB Report: Typical Overdraft Situation Is Comparable To Small-Dollar Loan With 17,000% Interest Rate

CFPB Report: Typical Overdraft Situation Is Comparable To Small-Dollar Loan With 17,000% Interest Rate

If you’re one of the hundreds of millions of consumers who use a debit card you’ve likely found yourself on the receiving end of an overdraft fee when your account balance just wasn’t quite enough to make a desired purchase. While consumers might not necessarily question the occasional overdraft fee, a new report from the Consumer Financial Protection Bureau puts the fees into a disconcerting perspective. [More]

Order Provides $92M In Debt Relief For Servicemembers And Others Deceived By Lending Scheme

Order Provides $92M In Debt Relief For Servicemembers And Others Deceived By Lending Scheme

Despite laws protecting servicemembers from some forms of shady lending, many continue to fall victim to too-good-to-be-true schemes. One company that offered questionable financing to military borrowers and private citizens has been ordered today to provide millions of dollars in debt relief to the consumers it deceived. [More]

Feds File 9 Lawsuits Against Alleged Mortgage Relief Scammers That Took Millions From Consumers

Feds File 9 Lawsuits Against Alleged Mortgage Relief Scammers That Took Millions From Consumers

If the thought of losing one’s home wasn’t bad enough, finding out that you’ve been ripped off by the companies promising to help must be even worse. Today, the Consumer Financial Protection Bureau, along with the Federal Trade Commission and 15 states announced a string of lawsuits and other actions against such deceptive companies. [More]

(Red~Star)

The CFPB Has Only Just Begun Tackling Financial Services In Its First Four Years

Four years ago, the Consumer Financial Protection Bureau was created – and three years ago it opened its doors – as a safeguard to ensure the financial industry followed the rules when selling products and services to consumers – and a lot has happened since that time. [More]

CFPB Now Accepting Consumers’ Prepaid Card, Debt Settlement And Title Loan Complaints

CFPB Now Accepting Consumers’ Prepaid Card, Debt Settlement And Title Loan Complaints

Just in time for the fourth anniversary of its creation, the Consumer Financial Protection Bureau announced its expanding the type of consumer complaints it accepts to include prepaid cards and other nonbank products. [More]

CFPB Wants To Let Consumers Air Financial Grievances In Publicly Viewable Forum

CFPB Wants To Let Consumers Air Financial Grievances In Publicly Viewable Forum

Sometimes consumers want to voice their complaints knowing it will remain a private matter; other times they just want to shout it for all to hear. A new proposal from the Consumer Financial Protection Bureau would give consumers that option when voicing their grievances about consumer financial products and services. [More]

CFPB Clarifies Rule That Could Cause Heirs To Lose Their Homes

CFPB Clarifies Rule That Could Cause Heirs To Lose Their Homes

When the Consumer Financial Protection Bureau implemented rules to protect consumers from getting caught in mortgage “debt traps” earlier this year, the regulators may have missed one section of not-so-typical borrowers: consumers who inherit a family member’s home – mortgage and all. [More]

Ninja IX

Am I Completely Screwed If My Student Loan Co-Signer Dies?

Imagine this scenario: You’ve been out of college for several years, have a good job and you have no problems making your student loan payments in full and on time. Then tragedy hits; your parent dies or declares bankruptcy. If this loved one was a co-signer on your student loan, this change can trigger an often-overlooked clause that allows the lender to claim you are in default on your loan, potentially wreaking longterm havoc on your credit and finances. [More]

Regulators: SunTrust Mortgage Must Provide $540M In Relief To Consumers Wronged By Shady Practices

Regulators: SunTrust Mortgage Must Provide $540M In Relief To Consumers Wronged By Shady Practices

Homeowners underwater with their mortgages and those who lost their homes to foreclosure could be seeing a bit of relief now that several federal agencies and state attorneys generals have filed an order requiring SunTrust Mortgage, Inc. to provide restitution for servicing wrongs. [More]

CFPB Opens Inquiry Into Mobile Financial Services’ Impact On Low-Income Consumers

CFPB Opens Inquiry Into Mobile Financial Services’ Impact On Low-Income Consumers

Is the convenience of mobile banking leaving underserved and unbanked consumers in the dust? That’s an issue that the Consumer Financial Protection Bureau is looking into. [More]