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.

santander-bank

Santander Bank Fined $10 Million for Illegal Overdraft Practices

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.

Mortgage Modification Frauds

Big Banks Plead Guilty to Criminal Charges

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 Big Banks Profit by Falsely Reporting Bankrupt […]

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Student Loans – CFPB Helping Deal with Financial Nightmare

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 Quarterly Report on Household Debt & Credit $14M Reimbursement to Payday Loan Borrowers […]

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CFPB Issues Guidance on Housing Counselor Requirements

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 Student Loans – CFPB Helping Deal with Finan… CFPB To Oversee Student Loan Servicers Scam Arrest Warrants: Normally You Cannot Be Arres… New Mortgage […]

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CFPB Launches Massive Lawsuit – Debt Collectors, Payment Processors and others

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 CFPB Issues Guidance on Housing Counselor Require… OCWEN Slammed With $2 Billion Settlement Debt Collectors Could Face New Rules Is Your College Offering Checking & Pre-paid … Reverse […]

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CFPB vs Morgan Drexen – fraudulent debt “relief” assistance

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 […]

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CFPB Takes Action Against Wells Fargo and Chase for Illegal Mortgage Kickbacks

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 New Mortgage Lending Rules – CFPB Protecting… Is Your College Offering Checking & Pre-paid … CFPB […]

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