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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

CFPB Proposes Prohibiting Financial Product and Service Providers From Using Mandatory Arbitration Clauses

Mandatory arbitration clauses deny consumers’ rights to file or join class actions By Jeff Sorg, OnlineEd Blog (May 5, 2016) –  In recent years, many contracts for consumer financial products and services – from bank accounts to credit cards – have included mandatory arbitration clauses. They affect hundreds of millions of consumer contracts. These clauses typically

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Report Shows An 8.9 Percent Decrease In Mortgage Fraud Risk

Greater scrutiny has had a positive impact on mortgage fraud By Jeff Sorg, OnlineEd Blog (Ocboter 20, 2015) – As of the end of the second quarter of 2015, the CoreLogic® Mortgage Fraud Report shows an 8.9 percent year-over-year decrease in fraud risk, as measured by the Mortgage Application Fraud Risk Index. Susan Allen, senior vice president

CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market

Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions By Jeff Sorg, OnlineEd Blog WASHIGTON, D.C. (October15, 2015) – Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements

CFPB Considers Proposal to Ban Arbitration Clauses

“Companies are using the arbitration clause as a free pass to sidestep the courts and avoid accountability for wrongdoing” By Jeff Sorg, OnlineEd Blog (October 9, 2015) – The Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from

CFPB Director Addresses National Association of Realtors®

Prepared Remarks of Richard Cordray Director, Consumer Financial Protection Bureau  National Association of Realtors WASHINGTON (September 17, 2015) – Thank you for inviting me today.  That renowned philosopher from the Garden State of New Jersey, Bruce Springsteen, once said, “I have spent my life judging the distance between American reality and the American dream.”  For the past few

Credit Reporting Companies Rank at Top of CFPB Consumer Complaints

Of the five most-complained-about companies, three of them are credit reporting companies By Jeff Sorg, OnlineEd Blog OnlineEd (August 26, 2015). – The Consumer Financial Protection Bureau (CFPB) released its monthly consumer complaints snapshot. The top three companies that received the most complaints from March through May 2015 were Equifax, Experian, and Bank of America. Of the five

CFPB Takes $39 Million Action Against Company for Deceptive Advertising

The CFPB has the authority to take action against companies engaging in deceptive practices in the consumer financial marketplace. By Jeff Sorg, OnlineEd Blog, July 28, 2015 CFPB, Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is reporting it took action today against Paymap Inc. and LoanCare, LLC for deceiving consumers with advertisements for