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]

Could Consumers’ Frustration With  Mortgage Closings Be Solved By eClosing System?

Could Consumers’ Frustration With Mortgage Closings Be Solved By eClosing System?

After months of searching for a home, going through the process of applying for a mortgage, providing support for every speck of dust in your piggy bank (often multiple times), you finally get to closing day, where you’re often rushed through hundreds of papers of documents you’ve never seen before, hoping that you’re not inadvertently signing away your firstborn. Isn’t there something that can be done to make the closing process less daunting and more transparent? [More]

Private Student Loan Borrowers Face Automatic Default Because Of Co-Signer Provisions

Private Student Loan Borrowers Face Automatic Default Because Of Co-Signer Provisions

College graduates with private student loans know the importance of staying current on their payments. But a new report by the Consumer Financial Protection Bureau finds that even consumers who pay their loans on time are finding themselves placed in default when the co-signer of their loan dies or declares bankruptcy. [More]

CFPB Proposes Rule Change So Banks Can Send Your Money Overseas

CFPB Proposes Rule Change So Banks Can Send Your Money Overseas

You should not send money overseas to an exiled prince who promises to split his fortune with you. That is likely a scam. But if for some reason you do need to send funds overseas for legitimate reasons, the Consumer Financial Protection Bureau’s proposed rule change could help get your money where it needs to be. [More]

Believe It Or Not, Outlawing Payday Loans Will Not Lead To Looting & Pillaging

Believe It Or Not, Outlawing Payday Loans Will Not Lead To Looting & Pillaging

Critics of payday lending say the practice traps many borrowers in a debt spiral, forcing them to take out additional loans to pay back the first. Yet these short-term loans do have proponents (many of them profiting from the industry) who claim that without this pricey option for quick cash, desperate consumers will turn to more unsavory means, leading to increased crime rates and other doom and gloom predictions. But does that really happen? [More]

CFPB Receives Double The Consumer Complaints In 2013, But Sought Fewer Explanations

CFPB Receives Double The Consumer Complaints In 2013, But Sought Fewer Explanations

The Consumer Financial Protection Bureau heard a lot from consumers in 2013. The agency received the most complaints in its history, including those from three new areas – payday loans, money transfers and debt collections. But it appears that fewer complaints were sent to offending companies for review and response. [More]

Despite Regulations, Survivors Face Foreclosures After Reverse Mortgage Borrower’s Death

Despite Regulations, Survivors Face Foreclosures After Reverse Mortgage Borrower’s Death

There are a number of reasons someone might take out a reverse mortgage: to pay for prescriptions or medial care, to subsidize their daily living expenses or even to settle their fear of becoming a burden to their family. But the product that was designed to keep elderly consumers in their homes is now wreaking havoc on their surviving loved ones. [More]

(eyetwist)

CFPB In “Late Stages” Of Working On Rules To Stop Predatory Payday Lending

Lisa took out a payday loan to help pay her rent. When she couldn’t repay the loan after 14 days she rolled it over, bringing her total debt to $800. After repaying more than $1,400, she remains stuck in the revolving door of debt associated with payday lending. It’s stories like these that the Consumer Financial Protection Bureau aims to stop with new rules to regulate the payday loan industry. But those in the payday industry say Lisa should have simply known better. [More]