Items Tagged with 'CFPB action'

ARTICLES

  • CFPB claims debt collection firm Forster & Garbus robo-sued thousands on behalf of Citibank, Discover, others

    Attorneys allegedly reviewed cases for only minutes before signing off on lawsuits
    During the foreclosure crisis, a number of lenders, servicers, law firms, and others engaged in a practice where employees basically rubber-stamped thousands of foreclosure cases without reviewing any of the relevant details. That practice came to be known as robo-signing. Now, a new lawsuit from the CFPB sheds light on a similar practice that apparently exists within the debt collection industry – let’s call it "robo-suing."
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  • CFPB moves to further ease enforcement on financial services industry

    Releases new rules on “no-action letters” and proposes “product sandbox”
    In the last few days of his leadership at the Consumer Financial Protection Bureau, Mick Mulvaney moved to further ease the bureau’s enforcement of the industries that it oversees. Additionally, the CFPB proposal would create a “Product Sandbox,” which would allow and encourage companies to create and test new products and services under safe harbor provisions from the bureau itself.
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  • Mulvaney unveils sweeping plan to dramatically alter CFPB

    Mulvaney: We commit to the CFPB’s statutory responsibilities, but will go no further
    Over the past few months, Mick Mulvaney has provided smaller indications about how much differently the Consumer Financial Protection Bureau will function under his leadership than it did under the bureau’s former director, Richard Cordray. But Monday, Mulvaney fully revealed his plan to dramatically alter how the CFPB operates.
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  • CFPB issues warning: Don’t trick consumers into using costly pay-by-phone option

    Cites concern about companies misleading customers about payment options
    Attention financial services companies: If you offer a pay-by-phone option and steer customers to said option unnecessarily, the Consumer Financial Protection Bureau may come knocking. The CFPB said Monday that it is issuing a warning to all companies under its supervision because the agency is concerned about companies “tricking” consumers into using expensive pay-by-phone options.
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  • CFPB analyst: We use consumer complaint database as insider guide for exams

    Analyzes complaints for potential legal violations
    The Consumer Financial Protection Bureau’s consumer complaint database has been a source of controversy since its inception, as many industry participants took issue with the fact that the complaints were made public, despite potentially being unverified and unproven. And based on what one CFPB analyst said Wednesday, you can see why the complaint database is the bane of the financial industry’s existence.
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  • CFPB fines TransUnion and Equifax for deceiving consumers with their marketing

    Turns out it’s not only TransUnion
    HousingWire first broke the news late last week that TransUnion would pay just shy of $17 million as part of a settlement with the CFPB, as revealed by a company filing with the Securities and Exchange Commission. As it turns out, there's more. Today, the CFPB’s report revealed Equifax was fined too.
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