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]

CFPB Fines Alabama Real Estate Firm $500,000 For Disclosure Violation

CFPB Fines Alabama Real Estate Firm $500,000 For Disclosure Violation

Purchasing everything you need for your home at one store can be convenient – it’s one of the reasons we have one-stop-shops. But when a realty firm doesn’t tell consumers they don’t have to use an affiliated mortgage service provider, well, that’s against the law. And as one company can attest it comes with a hefty fine. [More]

CFPB Report Confirms Payday Lenders And Debt Collectors Are The Worst

CFPB Report Confirms Payday Lenders And Debt Collectors Are The Worst

For decades, payday lenders and debt collectors did their work while being largely ignored by federal financial regulators. And a new report from the Consumer Financial Protection Bureau, which recently gained oversight authority over the largest of these businesses, calls out many of the sketchy, sometimes illegal, practices some in these industries have been getting away with for far too long. [More]

Credit Bureaus Are Over-Penalizing Consumers With Medical Debt

Credit Bureaus Are Over-Penalizing Consumers With Medical Debt

Making a trip to the emergency room can be a stressful experience for most consumers. The effect that trip has on your credit score shouldn’t be something you’re worried about. But a new study from the Consumer Financial Protection Bureau found that consumers’ credit is overly penalized by medical debt that goes to collection. [More]

Report: Older Americans Facing Significant Increases In Mortgage Debt Load

Report: Older Americans Facing Significant Increases In Mortgage Debt Load

Once upon a time reaching retirement age meant consumers would have less on their plates and more time to enjoy their golden years. Part of that included no longer holding a mortgage. But a refinancing boom during the 2000s and a trend of buying homes later in life has left many older Americans with a substantial amount of mortgage debt. [More]

Proposed Rule Allows Banks To Post Privacy Disclosures Online Instead Of Using Snail Mail

Proposed Rule Allows Banks To Post Privacy Disclosures Online Instead Of Using Snail Mail

Each year banking institutions must send consumers a privacy notice through the mail. To cut costs and better streamline the practice, the Consumer Financial Protection Bureau is proposing a new rule that would allow customers to see the privacy disclosures online. [More]

Report: Debt Collectors Now Using Court System To Unfairly Force Consumers To Pay Up

Report: Debt Collectors Now Using Court System To Unfairly Force Consumers To Pay Up

Debt collection is a big business that doesn’t look to be shrinking anytime soon. But along with the rapid expansion of the industry, there has been an increase in abusive and predatory collection practices. One of those practices, obtaining default judgements against consumers, has led the Center for Responsible Lending to call for stricter regulations over the process of selling debt to collectors. [More]