Latest developments from the CFPB (Consumer Financial Protection Bureau), regulator of consumer protection actions among financial institutions and other organizations.
“Alternative data” to determine credit-worthiness of consumers who lack enough credit history to obtain a credit score is the subject of an exploration opened Friday by the CFPB. The inquiry into “alternative data” focuses on “credit […]
The CFPB has been granted a review by a federal appeals court of a ruling from last fall that effectively found the structure of the agency unconstitutional. In a decision released Thursday, the U.S. Appeals […]
Law firms and individual attorneys offering debt relief services were sued today by the CFPB for collaborating to allegedly charge “illegal fees” to consumers seeking debt relief, the consumer agency announced today. The suit filed […]
“Giving the runaround” to homeowners seeking options to save their homes is cited as the impetus behind a $28.8 million order by the CFPB to two mortgage servicing subsidiaries of one of the nation’s largest […]
TCF National Bank, a Minnesota-based bank with operations in seven states, was sued today by the CFPB for allegedly “tricking consumers” into costly overdraft services and fees. In its filing, CFPB claimed that TCF designed […]
A lawsuit against the nation’s largest servicer of federal and private student loans – charging the group “systematically and illegally” failed borrowers at every stage of repayment – has been filed by the CFPB, seeking […]
“Production incentives” are the topic of a compliance bulletin published today by the CFPB, which highlights examples where incentives “contributed to substantial consumer harm” and which describes compliance management steps CFPB-supervised entities should take to […]
More than one in four consumers contacted by debt collectors feel threatened – and three in four of consumers report that debt collectors do not honor their request that collectors leave them alone, according to […]
House Democrats in a letter have urged President-elect Donald Trump to reject calls to fire CFPB Director Richard Cordray, made in an earlier letter from Republican senators. In their letter on Tuesday, signed by Rep. […]
Donald Trump, “promptly after his inauguration” as president, should fire CFPB Director Richard Cordray, two senators have written to the vice president-elect, despite an on-going legal battle over whether the director may be fired before […]
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