Tag Archives: consumer financial protection bureau

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 […]

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 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 […]

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 […]

Consumer Advice About Shopping for a Mortgage

Shopping for a mortgage can be overwhelming! Here’s some basic advice and a free source to help you understand the process. (Jeff Sorg, OnlineEd) – Shopping around for a mortgage takes time and energy, but it can save you thousands of dollars. The Consumer Financial Protection Bureau, also known as the CFPB, recommends that you compare […]

CFPB Publishes Consumer Complaint Narratives About Financial Companies

The Consumer Financial Protection Bureau (CFPB) has published its enhanced public-facing consumer complaint database  (Jeff Sorg, OnlineEd) – In June 2012, the CFPB launched its Consumer Complaint Database, which is the nation’s largest public collection of consumer financial complaints. In March 2015, the Bureau finalized a policy to empower consumers to publicly share their stories when they submit […]

CFPB Releases Second Update Of Exam Procedures For Mortgage Rules

(CFPB – WASHINGTON, D.C.) On August 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as […]

CFPB Issues Proposed Modifications to Mortgage Rules

The CFPB finalized several mortgage rules in January 2013 that are addressed by today’s proposal. The Ability-to-Repay rule protects consumers from irresponsible mortgage lending by requiring that lenders make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans. The mortgage servicing rules established strong protections for homeowners facing foreclosure, and the loan originator compensation rules address certain practices that incentivized steering borrowers into risky and/or high-cost loans. The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans.

CFPB Releases Exam Procedures for New Mortgage Rules

(CFPB – WASHINGTON, D.C.) — On June 4, 2013, The Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become […]