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Flagstar Bank has been ordered to pay a $10 million fine and provide $27.5 million in restitution to mortgage customers by the Consumer Financial Protection Bureau. It is the first enforcement action by the CFPB under new mortgage servicing rules promulgated in January.
The Consumer Financial Protection Bureau has announced a lawsuit against online payday lender Hydra Group. The suit alleges fraudulent practices associated with their payday loans.
The Washington Examiner is reporting that the Consumer Financial Protection Bureau has awarded a substantial contract to an advertising firm with close ties to President Obama and other prominent Democrats.
A report issued by the Office of the Inspector General of the Federal Reserve (OIG) exposed continuing issues with the current remodeling of the Consumer Financial Protection Bureau headquarters in Washington, D.C.
An internal report from the Consumer Financial Protection Bureau reveals dissatisfaction with the organization among employees as they reported instances of elitism, discrimination, favoritism, nepotism and a lack of accountability for supervisors and managers.
Payday Lender Ace Cash Express has been ordered by the Consumer Financial Protection Bureau to pay $10 million in restitution and penalties for deceptive debt-collection practices.
The Wall Street Journal reports that the Consumer Financial Protection Bureau has proposed expanding its online complaint system to capture more detailed narrative information from consumers
According to a report in the Wall Street Journal, Bank of America is near a deal with the Consumer Financial Protection Bureau to settle allegations that the lender pressured consumers into dubious credit card add-on products.
Three recent Freedom of Information Act (FOIA) requests have revealed highly questionable expenditures by the Consumer Financial Protection Bureau.
According to a recent financial statement issued by the Federal Reserve, spending by the Consumer Financial Protection Bureau rose by nearly half, to $563 million in 2013 from $385 million in 2012.