Consumer Financial Protection Bureau “CFPB” is the first organization that is actually taking huge steps to punish lenders and creditors who are preying on the innocent or naive consumer.
The Consumer Financial Protection Bureau (CFPB) ordered Santander Bank, N.A. to pay a $10 million fine for illegal marketing of overdraft services and using a telemarketing firm that signed some bank customers for the overdraft service without their consent.
Article in the Washington Post: Last week, Attorney General Loretta E. Lynch announced that five major banks were pleading guilty to criminal charges for what she described as a “brazen display of collusion” to manipulate the currency markets. Related Post Citigroup to Pay Fannie Mae $968M for Loans What is a Zombie Debt? Banks Are […]
Announcement from the Consumer Financial Protection Bureau: WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. Related Post Fed. Student Loans Able to Garnish Social Security Debt Collection Surveys to be […]
Housing counselors can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. Advice from housing counselors can be provided at little or no cost to consumers. Related Post New Mortgage Lending Rules – CFPB Protecting… CFPB Launches Massive Lawsuit – Debt Collect… OCWEN Slammed With $2 Billion Settlement Credit Card Fees Face […]
Why is this “ground breaking”? This is the first time that payment processors are held to the same standard of responsibility as the debt collectors. Related Post Debt Collectors Could Face New Rules CFPB vs Morgan Drexen – fraudulent debt R… CFPB Takes Action Against Wells Fargo and Chase fo… Supreme Court Finds Debt Buyers […]
Consumer Financial Protection Bureau (CFPB) filed its lawsuit in August 2013, against debt-relief services company Morgan Drexen. The CFPB alleges, among other things, that Morgan Drexen deceived consumers into paying unlawful up-front fees for debt relief services by disguising them as fees related to “sham” bankruptcy services. According to an article by Joanna M. Zdanys […]
ILLEGAL MORTGAGE SCHEMES: The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General took action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. Related Post CFPB Proposed changes to our Mortgage Servicing Ru… Regulators Cracking Down on Payday Loans New Mortgage […]