Consumer Financial Protection Bureau
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Consumer board amends 2015 updates to Home Mortgage Disclosure Act
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 24 that it has issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. -
Washington state secures debt relief for 2,000 Corinthian Colleges student loan victims
OLYMPIA, Wash. (Legal Newsline) — Washington state Attorney General Bob Ferguson announced Aug. 17 that Aequitas Capital Management, a company in Lake Oswego, Oregon, will provide $7 million in debt relief to more than 2,000 Washington student loan borrowers. -
CFPB unveils new Know Before You Owe overdraft disclosure prototypes
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced Aug. 4 that it has unveiled its new Know Before You Owe overdraft disclosure prototypes, which were created to improve the model form that banks and credit unions already provide to consumers weighing overdraft coverage. -
Consumer board orders JPMorgan to pay $4.6 million
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Aug. 2 that it has taken action against JPMorgan Chase Bank NA, ordering it to pay $4.6 million for alleged failures related to information it provides for checking account screening reports. -
Senate Obamacare repeal failures warning sign for business and banking communities on rescinding anti-arbitration rule
WASHINGTON (Legal Newsline) - Business and banking interests are working to ensure that an upcoming Senate attempt to rescind the Consumer Financial Bureau Protection’s (CFPB) anti-arbitration rule plays out differently than repeated failures by Senate Republicans to repeal any or all of Obamacare. And they are enlisting help on the state level to do it. -
Consumer Financial Protection Bureau accuses Seila Law of failing to comply with investigation
A government agency is suing Seila Law LLC, a law firm, for alleged violation of federal law. -
Consumer board seeks comment on proposed updates to prepaid rule
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced June 15 that it is seeking comment on proposed updates to its prepaid rule. -
Consumer board encourages credit card companies to use more transparent promotions
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced June 8 that it has sent letters to top retail credit card companies encouraging them to consider using more transparent promotions. -
Massachusetts joins coalition opposing the Financial CHOICE Act of 2017
BOSTON (Legal Newsline) — Massachusetts Attorney General Maura Healey announced June 7 that she has joined a coalition of 20 attorneys general in opposing a federal bill that would cut the role of the Consumer Financial Protection Bureau (CFPB). -
Consumer board penalizes Fay Servicing $1.15 million for alleged mortgage servicing violations
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced June 7 that it took action against Fay Servicing, a mortgage servicer based in Chicago, for allegations of failing to provide mortgage borrowers with federally mandated protections against foreclosure. -
Customers sue legal finance company, allege interest rates over 100 percent
DUBLIN, Ga. (Legal Newsline) - Companies like Oasis Legal Finance, which offer lump sums of money to plaintiffs in exchange for a possible payoff, are used to defending the legality of their agreements to state regulators and lawmakers. But now they are facing a challenge from their own customers. -
Consumer board settles with auto lender for $1.25 million after allegations of violating consent order
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 26 that it has ordered Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to service members, to pay $1.25 million and make good on a previous consent order after the company allegedly violated a CFPB consent order. -
Consumer board alleges student loan, mortgage services often violate law
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 26 that some recent supervisory work revealed some student loan and mortgage services have been violating the law in failing to provide struggling borrowers with legal protections. -
Consumer financial board issues proposal to facilitate compliance with 2015 HMDA rule
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 13 that it has issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. -
New York joins coalition urging Congress to support CFPB's Final Rule on prepaid cards
NEW YORK (Legal Newsline) — New York Attorney General Eric T. Schneiderman announced April 5 that he has joined a coalition of attorneys general in urging Congress to oppose three resolutions that could strike down the Consumer Financial Protection Bureau’s (CFPB) Final Rule regarding prepaid cards. -
Georgia AG applauds DOJ brief that faults CFPB's governing structure
Georgia Attorney General Chris Carr has expressed support for a recent Department of Justice amicus brief taking issue with the governing structure of the Consumer Financial Protection Bureau (CFPB). -
Experian fined $3 million for alleged deceptive use of credit scores
The Consumer Financial Protection Bureau (CFPB) has fined Experian and its subsidiaries $3 million for allegedly deceiving consumers about the use of credit scores sold to consumers. -
Kansas AG joins multi-state coalition against CFPB
Kansas Attorney General Derek Schmidt has joined the attorneys general of 14 other states in filing a brief with the U.S. Court of Appeals for the District of Columbia arguing that the current setup of the Consumer Financial Protection Bureau (CFPB) violates the Constitution. -
Nationstar Mortgage fined $1.75 million over alleged reporting errors
Nationstar Mortgage LLC has been ordered by the Consumer Financial Protection Bureau (CFPB) to pay a record $1.75 million for allegedly failing to report mortgage transaction data. -
Bill to limit use of forced arbitration clauses reintroduced
U.S. Sens. Al Franken, D-Minn., and Patrick Leahy, D-Vt., along with U.S. Rep. Hank Johnson, D-Ga., reintroduced the Arbitration Fairness Act March 7. The legislation, previously introduced in 2011 and 2015, would eliminate forced arbitration clauses in employment, consumer, civil rights and antitrust cases.