The Consumer Financial Protection Bureau (CFPB) has entered into a settlement agreement with a jewelry wholesaler accused of using deceptive sales tactics when promoting in-store credit financing options.
The bureau and the New York Attorney General’s office also alleged that the Ohio-based company’s salespeople routinely signed up customers for third-party insurance on store-issued credit without their knowledge or consent.
Read on for details from the consent order.
Five years after the Consumer Financial Protection Bureau passed its first mortgage servicing rules, the agency looked back on the effect of its rules on the industry in a report mandated by the Dodd-Frank Act.
It found the rule prevented thousands of additional foreclosures annually and kept thousands more from falling into delinquency, but came at a cost to servicers large and small through the industry.
Read on for a first look at the CFPB’s findings from the impact of its mortgage servicing rules.
The Consumer Financial Protection Bureau (CFPB) has settled with a federal savings association accused of failing to properly honor customers’ stop payment requests on preauthorized electronic transfers.
San Antonio, Texas-based USAA Federal Savings Bank has agreed to pay $12 million in restitution to customers who were denied a reasonable error resolution investigation and pay a $3.5 million civil money penalty.
Read on for details from the consent order, the first enforcement signed by new CFPB Director Kathy Kraninger.
Unlike banks and lenders, real estate agents are not subject to routine federal examinations.
But they still need to know the legal boundaries of RESPA’s Section 8, which prohibits a person from giving or accepting a thing of value for referrals of settlement service business related to a federal mortgage loan.
Read on for co-marketing tips from Loretta Salzano, founding partner of the Atlanta-based Franzen and Salzano law firm.
The Consumer Financial Protection Bureau (CFPB) has entered into a settlement agreement with a federal savings association accused of obtaining consumer reports without a permissible purpose.
According to the consent order, the bank obtained consumer reports of consumers who were not seeking a credit extension or involved in any form of credit transaction, account review or account collection.
Read on for details of the consent order, which is enforceable for five years.
A previously undisclosed U.S. Department of Education (DOE) audit report bolsters allegations that the nation’s largest federal and private student loan servicer illegally cheated struggling student borrowers out of their rights to lower repayments, according to U.S. Sen. Elizabeth Warren (D-Mass.).
The Consumer Financial Protection Bureau (CFPB) filed a complaint in January 2017 against Navient, formerly known as Sallie Mae, Inc.
Read on for details from Warren’s letter to Navient.
The Consumer Financial Protection Bureau (CFPB) has updated the Loan Originator Guide and the Home Ownership and Equity Protection Act (HOEPA) rule guide to reflect amendments made by Section 107 of the Economic Growth, Regulatory Relief and Consumer Protection Act.
The changes include a final rule to implement a new provision requiring appraisals for higher-risk mortgages that was added to TILA by the Dodd-Frank Act.
Read on for details of the rule updates.
A recent enforcement action against a small-dollar lender marked the first the Consumer Financial Protection Bureau (CFPB) deemed an action “abusive” since Mick Mulvaney became acting director.
The bureau announced a settlement with Tennessee-based Cash Express, LLC, which offers high-cost, short-term payday and title loans, as well as check-cashing services.
Read on to find out why the CFPB found the company violated its unfair, deceptive or abusive acts or practices (UDAAAP) standard.
In a recent October Research, LLC webinar titled “RESPA Roundup Featuring Phil Schulman,” the Mayer Brown LLC partner told attendees the do’s and don’ts of co-marketing arrangements and discussed marketing and advertising in a post-PHH world.
Schulman warned those in the settlement services industry against becoming complacent about RESPA enforcement.
Read on to learn more of what Schulman had to say from the September webinar.
The Consumer Financial Protection Bureau (CFPB) is seeking comments from institutions on a proposed policy to change its process for trial disclosures.
The new policy would streamline the application period, set a 60-day deadline to grant or deny an application, specify that a two-year testing period would be the norm and clarify that the CFPB’s trial disclosure program will coordinate with state regulatory “sandboxes.”
Read on for details about the bureau’s latest mission.
more RESPA Tips »
Cover Story: