Bank Of America, Wells Fargo Top List Of Most Complained About Mortgage Issuers

Bank Of America, Wells Fargo Top List Of Most Complained About Mortgage Issuers

For the past four years, the Consumer Financial Protection Bureau’s Consumer Complaint Database has seen its fair share of consumer issues related to mortgages. In fact, complaints regarding loan modification, collection, foreclosure, loan servicing, payments and escrow accounts continue to be one of the biggest financial thorns in consumers’ sides. And the worst offender? Bank of America. [More]

CFPB Releases Educational Guides To Help Non-English Speakers Avoid Scams, Understand Financial Issues

CFPB Releases Educational Guides To Help Non-English Speakers Avoid Scams, Understand Financial Issues

Understanding the world of finance can be difficult for just about anyone in this country, but especially so when the rules of the industry are written in a language that you might not be proficient in. For these consumers, the Consumer Financial Protection Bureau has created a new set of guides aimed at helping them avoid financial devastation. [More]

Regulator Issues “Guiding Principles” For Making Real-Time Payments Safe, Secure

Regulator Issues “Guiding Principles” For Making Real-Time Payments Safe, Secure

If you buy something with a debit/credit card or an online check, there can be a delay of hours or days before the other party gets those funds. Advances in technology are allowing payment platforms to cut that down to mere seconds, which could help consumers by preventing banks from re-ordering multiple transactions to maximize overdrafts. But as non-cash payments inch closer to real-time transactions, federal regulators want to ensure that companies are following certain best practices to make things safe and consumer-friendly as possible. [More]

Military Personnel Face Student Loan Issues Despite Required Protections

Military Personnel Face Student Loan Issues Despite Required Protections

The Servicemembers Civil Relief Act (SCRA) provides a number of protections for military personnel and their families when it comes to private and federal student loans. While these benefits aim to alleviate the burden servicemembers face when paying back their educational debts, a new report from the Consumer Financial Protection Bureau shows that many student loan servicers continuously fail to uphold their end of the SCRA requirements.  [More]

Companies Must Refund Millions Of Dollars For Credit Card Add-On Services Customers Never Received

Companies Must Refund Millions Of Dollars For Credit Card Add-On Services Customers Never Received

As a rule of thumb, if you’re a company and you charge a customer for a service or product, you’re supposed to actually provide that service or product. That apparently wasn’t a practice adhered to by two credit card add-on companies that must now pay millions of dollars in fines and refunds. [More]

CFPB Proposes Delay Of New Mortgage Rules By Two Months

CFPB Proposes Delay Of New Mortgage Rules By Two Months

Prospective homebuyers anticipating a more streamlined disclosure process while buying their dream home may have to wait a little longer, as the Consumer Financial Protection Bureau is proposing a delay to new rules. [More]

Here's snippet of the consumer narrative database.

CFPB Publishes More Than 7,700 Detailed Financial Grievances To Public-Facing Database

Sharing your nightmare experience with a financial institution, product or service could help another consumer avoid such dastardly situations. And from the looks of the Consumer Financial Protection Bureau’s new public-facing Consumer Complaint Database, people have a lot to share. [More]

CFPB Asks Google, Bing & Yahoo To Help Stop Student Loan Debt Scams That Imply Affiliation With Feds

CFPB Asks Google, Bing & Yahoo To Help Stop Student Loan Debt Scams That Imply Affiliation With Feds

The Internet is teeming with scammers, fraudsters, and hustlers determined to part consumers from their money, and as a $1.2 trillion venture, student loans often present an attractive avenue for these ne’er-do-wells. In order to better protect individuals from such schemes, the Consumer Financial Protection Bureau is enlisting the help of the country’s major search engines.  [More]

Medical Debt Collector Must Pay Consumers $5.4M For Improperly Handling Disputes

Medical Debt Collector Must Pay Consumers $5.4M For Improperly Handling Disputes

What happens when you combine expensive — and often unanticipated — medical bills and overzealous debt collectors? An environment ripe for abusive, unfair collection practices. At least that appears to be the case for an operation that must pay $5.4 million in relief to consumers for allegedly mishandling credit reporting disputes and preventing individuals from exercising their debt collection rights. [More]

CFPB Report Finds 90% Of Student Loan Borrowers Who Seek Co-Signer Release Are Denied

CFPB Report Finds 90% Of Student Loan Borrowers Who Seek Co-Signer Release Are Denied

Last year, the Consumer Financial Protection Bureau brought our attention to a relatively new phenomenon in which more and more private student loan borrowers found themselves placed in automatic default – even if they were up-to-date on payments – when their co-signer died or filed for bankruptcy. While the agency and consumer advocates urged these borrowers to seek co-signer release from their lenders, a new report finds that’s simply hasn’t been possible. [More]

CFPB Sues Auto Lender For Aggressive Debt Collection Tactics Against Servicemembers

CFPB Sues Auto Lender For Aggressive Debt Collection Tactics Against Servicemembers

By now it should come as no surprise that lenders shelling out thousands of dollars to help consumers make purchases for things like houses and cars often use lies and threats in attempts to recoup those funds. And while those tactics might result in some payments, they will also likely draw the ire of federal regulators. [More]

Pew Charitable Trusts Illustrates The Devastating Effects Of Payday Lending, How It Can Be Fixed

Pew Charitable Trusts Illustrates The Devastating Effects Of Payday Lending, How It Can Be Fixed

Back in March, the Consumer Financial Protection Bureau took its first long-awaited step in reining in the payday loan industry by releasing an outline for potential regulations over the small-dollar lines of credit known to thrust consumers into a devastating cycle of debt. While consumer groups were quick to applaud the steps, they also expressed concern that more could be done to protect people from the devastating consequences of such loans. This week, Pew Charitable Trusts released a video detailing the predicament nearly 12 million Americans face every year when taking out payday loans and how regulators might be able to find an answer. [More]

No Surprise Here: CFPB Finds Reverse Mortgage Ads Create False Impressions

No Surprise Here: CFPB Finds Reverse Mortgage Ads Create False Impressions

Last year, Consumerist reported on why you shouldn’t run out to sign up for a reverse mortgage just because Fred Thompson or other paid spokespeople opine about the benefits in national advertising campaigns. Today, the Consumer Financial Protection Bureau echoed our fears that these ads can be misleading by releasing the results of a focus group and issuing an advisory warning consumers that promotions for the costly product often don’t tell the whole story. [More]

CFPB Fines Mortgage Company $20M For Pushing Customers Into Spending More Than They Had To

CFPB Fines Mortgage Company $20M For Pushing Customers Into Spending More Than They Had To

While a report earlier this year suggested that consumers don’t spend nearly enough time shopping for the right mortgage, that doesn’t mean lenders are off the hook for purposefully steering potential homeowners into costlier mortgages. Because doing so will land a company in hot water with federal regulators. Just ask RPM Mortgage and its top executive, who must now pay $20 million for their allegedly deceptive practices. [More]

58 Senators Urge CFPB To Create Rules Against Forced Arbitration Clauses In Financial Products

58 Senators Urge CFPB To Create Rules Against Forced Arbitration Clauses In Financial Products

A month after legislation was introduced to eliminate mandatory arbitration clauses in employment, consumer, civil rights and antitrust cases, a coalition of 58 lawmakers and several consumer advocate groups are urging the Consumer Financial Protection Bureau to take things a step further by protecting consumers from forced arbitration clauses in financial services contracts. [More]

(Steven Depolo)

CFPB Launches Financial Coaching Program For Transitioning Servicemembers, Financially Underserved

The first step in living a fiscally responsible life is to understand what financial products are available and how they fit into your goals. Or at least that’s the idea behind the Consumer Financial Protection Bureau’s recently launched Financial Coaching Initiative that aims to assist certain groups of consumers become financially independent and knowledgeable. [More]

PayPal Must Pay $25M In Refunds, Penalties For Illegally Signing Customers Up For Online Credit Product

PayPal Must Pay $25M In Refunds, Penalties For Illegally Signing Customers Up For Online Credit Product

The Consumer Financial Protection Bureau alleges that online payment platform PayPal signed up customers for PayPal credit accounts without authorization, forced customers to use this credit line instead of their preferred payment methods, and failed to address disputes. As a result, PayPal will pay a total of $25 million in refunds and penalties. [More]