The Consumer Financial Protection Bureau announced a consent order with Freedom Home Mortgage Corporation. The enforcement action follows an investigation of errors in reporting on mortgage transactions.
CES agreed to pay a fine of $3.9 million for irregularities in its business operations as well as adjust the principal balances of the affected loans and make restitution to borrowers who paid off loans with an incorrect balance.
The 2020 fiscal year federal budget proposed by the Trump Administration earlier this month would alter the funding structure of the Consumer Financial Protection Bureau, bringing it under the typical Congressional appropriations process.
The Consumer Financial Protection Bureau this week released the latest edition of its supervisory highlights report. The findings included in the report cover examinations in the areas of automobile loan servicing, deposits, mortgage servicing, and remittances.
Last week, the Consumer Financial Protection Bureau issued a report on the issues and trends revealed by reports of suspicious activity relating to elder financial exploitation.
Consumer credit reporting agency Equifax announced last week that it expects various forms of punishment from the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s substantial data breach last year.
Sen. David Perdue (R-Ga.) has introduced a bill in the Senate that would alter the current funding structure of the CFPB by bringing it under the typical Congressional appropriations process.
The House Financial Services Committee has sent a letter to Kathy Kraninger, director of the Consumer Financial Protection Bureau, requesting additional information on recent enforcement actions that resulted in no restitution to consumers.
The Consumer Financial Protection Bureau has entered into a proposed settlement with a group of corporate and individual defendants over violations of state interest rate caps and other consumer financial protection laws.
Enova International, Inc., a publicly-traded, online lender that markets payday and installment loans, announced this week that it has reached an agreement with the Consumer Financial Protection Bureau to address payment processing issues.