Tag Archives: cfpb

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 […]

TILA – RESPA Integrated Disclosure – Part 5 of 5: Special Information Booklet

Special Information Booklet  (Part 5 of 5) (Jeff Sorg, OnlineEd) – A creditor must provide the special information booklet, specifically the RESPA Settlement Costs Booklet, to the consumer who applies for a consumer credit transaction secured by real property no later than three business days after receiving the consumer’s loan application. The booklet does not have […]

TILA – RESPA Integrated Disclosure – Part 4 of 5: Curing Tolerances

Curing Tolerances  (Part 4 of 5) (Jeff Sorg, OnlineEd) – On the Loan Estimate, certain charges are not subject to a tolerance limitation. This means that the amount charged the consumer may exceed the amount disclosed on the Loan Estimate by any amount. Examples of these charges are: Prepaid interest, property insurance premiums, amounts placed into escrow, […]

It’s Official! CFPB Moves TRID Implementation Date to October 3, 2015

(Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau has issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures, or TRID, to October 3, 2015. The final rule issued today also includes technical corrections to two provisions of the Know Before You […]