Items Tagged with 'Consumer Financial Protection Bureau'

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CFPB fines three reverse mortgage lenders over deceptive advertising

To pay a total of nearly $790,000
American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending. “These companies tricked consumers into believing they could not lose their homes with a reverse mortgage,” said CFPB Director Richard Cordray.
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CFPB warns companies about engaging in Wells Fargo-like sales incentives

Says unchecked sales goals can lead to harmful practices
The Consumer Financial Protection Bureau just fired a shot across the bow of all companies that provide financial services to consumers, warning companies about the risks inherent in sales incentives programs like the one that led to a massive fine being handed down against Wells Fargo.
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PHH handed next move in battle with CFPB

15-day countdown starts now
There's not an exact date on when the battle between PHH and the CFPB will be over. But here's what we do know: the next move belongs to PHH. A 15-day countdown for PHH to file a response to the CFPB appealing the U.S. Court of Appeals for the District of Columbia Circuit ruling officially started Monday.
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Former SEC commissioner named to CFPB landing team by Trump transition team

Paul Atkins has been a critic of heavy regulation
Every day more details are coming out on what the Trump administration will look like. Tuesday the president-elect's team announced it selected a former Republican member of the Securities and Exchange Commission to be on the landing team for the Consumer Financial Protection Bureau. These teams are being created to work with the outgoing Obama administration at various federal agencies to smooth the transfer of power. Why is this one a big deal? The future of the CFPB is currently in question.
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What happens now that the CFPB appealed its "unconstitutional" ruling?

Compass Point on the next steps in the PHH legal battle
As expected, the Consumer Financial Protection Bureau last week appealed the U.S. Court of Appeals ruling that declared the agency’s leadership structure unconstitutional and vacated a $103 million increase to a $6 million fine levied against PHH. So what happens now? First, the wait begins for the court to determine whether it wants to hear the case en banc or not. But just how long is that wait going to be? And what does it mean in the interim?
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CFPB fights back against "unconstitutional" ruling; asks court to rehear PHH case

Embattled agency asks for full Court of Appeals review
The Consumer Financial Protection Bureau is not ready to give up in its fight against PHH. The case started when the bureau added $103 million to a $6 million fine against PHH for allegedly illegally referring consumers to mortgage insurers in exchange for kickbacks. PHH sued, and the CFPB’s leadership structure was eventually declared unconstitutional by the United States Court of Appeals for the District of Columbia Circuit. On Friday, the CFPB asked the full court to rehear the case.
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Here's the updated CFPB list for rural and underserved counties in 2017

Check to see if it applies to your business
The Consumer Financial Protection Bureau’s official “rural or underserved” and “rural” counties lists are out. While the list might bear no meaning for some, it can significantly alter the way other lenders originate mortgages. Check out the lists to see if it impacts the way you conduct business.
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Elizabeth Warren pledges to fight Trump, Republicans on Dodd-Frank, CFPB

CFPB architect: Big banks cannot be 'turned loose' on U.S. economy
Just in case anyone thought that the Democratic Party plans to stand idly by while President-elect Donald Trump and the Republican Party move to undo many of the financial reforms of the last eight years, one of its most outspoken members pledged this week to fight Trump and the Republicans every step of the way.
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Trump unveils plan to dismantle Dodd-Frank Act

"Bureaucratic red tape and Washington mandates are not the answer"
Now that the dust is starting to settle from the election, a clearer picture is beginning to emerge of what types of actions President-elect Donald Trump will pursue once the “-elect” is removed from his title. Chief among those planned actions appears to a plan to “dismantle” the Dodd-Frank Wall Street Reform Act.
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