Items Tagged with 'CFPB'

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  • CFPB finds Freedom Mortgage intentionally reported inaccurate HMDA data

    Bureau hits Freedom with fine for HMDA reporting errors
    Loan officers at Freedom Mortgage intentionally reported inaccurate Home Mortgage Disclosure Act data over a several-year period, the CFPB said Wednesday. According to the bureau, an investigation found that Freedom reported "inaccurate race, ethnicity, and sex information" and that "much of Freedom’s loan officers' recording of this incorrect information was intentional" during that time. Click the headline for details.
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  • Here are 5 things the CFPB will focus on in 2019

    Publishes spring 2019 rulemaking agenda
    The Consumer Financial Protection Bureau recently published its spring 2019 rulemaking agenda, showing the regulatory matters it reasonably anticipates having under consideration during the period of May 1, 2019, to April 30, 2020. The CFPB explained that the new permanent Director Kathy Kraninger is now ready to begin rulemaking activities after having recently completed a listening tour.
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  • 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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  • Trump appointee resigns from CFPB after blog posts spark investigation

    Eric Blankenstien will leave the bureau at the end of the month
    A senior official at the CFPB whose racially charged blog posts sparked outrage last year is resigning. In an email to colleagues, Eric Blakenstein said he is stepping down from his post to pursue an unnamed opportunity elsewhere, and the news has some on the other side of the aisle cheering.
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  • CFPB details plan to reconsider and potentially eliminate existing rules

    Bureau to consider rules’ effect on small businesses
    The CFPB is already in the midst of enacting changes to some of its rules, namely the requirements for the data collection and reporting stipulated by HMDA and the bureau's enforcement practices, but those may not be the only rule changes coming from the CFPB. The bureau announced Monday that it plans to “periodically” review its regulations and may amend or even abolish existing rules.
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  • Equifax sets aside nearly $700 million for expected data breach payouts

    Books $690 million for settlements, fines
    It’s been nearly two years since Equifax first revealed that it had suffered a massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but the fallout from the breach is nowhere near over. In fact, Equifax just revealed how much it's expecting to pay out to deal with all of those issues – and it's a lot.
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  • Republicans move to abolish CFPB

    Ted Cruz reintroduces bill to eliminate “farce” agency
    If a handful of Republicans in the Senate have their way, the Consumer Financial Protection Bureau will not exist for much longer. For the third time in the last few years, Republicans are trying to kill the CFPB.
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