Tag Archives: cfpb

CFPB Orders Meridian Title to Pay up to Pay up to $1.25 million & Disclose its Interests in Future Transactions

CFPB Takes Action Against Settlement Services Provider for Steering Consumers to Affiliated Business By Jeff Sorg, OnlineEd Blog (October 2, 2017) The Consumer Financial Protection Bureau (CFPB) took action against real estate settlement services provider Meridian Title Corporation for steering consumers to a title insurer owned in part by several of its executives without making disclosures […]

Nationstar Mortgage to Pay $1.75 for Home Mortgage Disclosure Act (HMDA) Violations

$1.75 Million Civil Penalty is the CFPB’s Largest  for HMDA Violations By Jeff Sorg, OnlineEd Blog (March 16, 2017) – WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about […]

CITI Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes

Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork By Jeff Sorg, OnlineEd Blog (January 23, 2017) – The Consumer Financial Protection Bureau (CFPB) today took separate actions against CitiFinancial Servicing and CitiMortgage, Inc. for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the […]

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CFPB Takes Action Against Reverse Mortgage Lenders

The CFPB has long warned against deceptive reverse mortgage advertising By Jeff Sorg, OnlineEd Blog (December 7, 2016) –  Today the Consumer Financial Protection Bureau (CFPB) took action against three reverse mortgage companies for deceptive advertisements, including claiming that consumers could not lose their homes. The CFPB is ordering American Advisors Group, Reverse Mortgage Solutions, and […]

Court Orders CFPB to Restructure – Gives President Power to Fire Director

CFPB structure ruled “unconstitutional” but can continue to operate By Jeff Sorg, OnlineEd Blog (October 11, 2016) – A U.S. Court of Appeals for the District of Columbia ruling orders a restructuring of the CFPB that allows for giving the president the power to supervise the CFPB’s director and remove him from that position at will. The […]

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CFPB Fines Wells Fargo $100 Million for Opening Covert Credit Card Accounts

Spurred by sales targets and compensation incentives, employees boosted sales figures by covertly opening accounts and funding them by transferring funds without consumer consent By Jeff Sorg, OnlineEd Blog (September 8, 2016) – In a press release today, the Consumer Financial Protection Bureau (CFPB) announced that is has fined Wells Fargo Bank, N.A. $100 million for the […]

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States Urge Rule to Prevent Banks from Forcing Customers into Binding Arbitration

States Ask the CFPB to Protect Banking Consumers’ Access to Justice By Jeff Sorg, OnlineEd Blog (August 17, 2016) – –– Attorney General Karl A. Racine today joined his peers from 18 states in sending a letter to the Consumer Financial Protection Bureau (CFPB) urging the agency to adopt rules that would limit the use of arbitration […]

CFPB Proposes Updates to “Know Before You Owe” Mortgage Disclosure Rule

Changes would provide clarity, preserve protections for consumers By Jeff Sorg, OnlineEd Blog (July 29, 2016) – The Consumer Financial Protection Bureau (CFPB) today proposed updates to its Know Before You Owe mortgage disclosure rule. The proposed amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes proposed today would […]

The Consumer Financial Protection Bureau by the Numbers

CFPB Actions Result in $11.7 Billion in Relief to 27 Million Consumers By Jeff Sorg, OnlineEd Blog (July 15, 2016) – July 21, 2016, will mark five years since the CFPB opened its doors. After the 2008 financial crisis, Congress created the CFPB as the only federal agency with the sole mission of protecting consumers in […]

FDIC Announces $190 Million Settlement From Eight Firms

Settlement resolves federal and state securities law claims based on misrepresentations in the offering documents for 21 Countrywide RMBS purchased by the five failed banks By Jeff Sorg, OnlineEd Blog (June 8, 2016) – The Federal Deposit Insurance Corporation (FDIC) as receiver for five failed banks has announced a $190 million settlement of certain residential mortgage-backed securities […]