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The proposed temporary increase in the HMDA reporting threshold for HELOCs would apply to institutions who make 500 or fewer such loans in the previous two years, compared to the current threshold of 100 such loans.
Four California-based credit repair companies and three individuals are the target of two complaints by the Consumer Financial Protection Bureau.
Credit card companies should be more “transparent” with consumers about promotional interest rates, the Consumer Financial Protection Bureau said.
Reverse mortgages, financial scams and deferred interest credit cards topped the list of complaints by senior citizens, according to the latest monthly snapshot from the Consumer Financial Protection Bureau.
Data from a CFPB report shows that borrowers, taxpayers and student loan companies “would benefit from a clearer, more streamlined process to help previously defaulted borrowers succeed over the long term, and to ensure borrowers avoid default in the first place,” the bureau said.
The Consumer Financial Protection Bureau is conducting an assessment of the mortgage servicing rules under the Real Estate Settlement Procedures Act.
Nearly two-thirds of complaints about student loans center on “servicing breakdowns,” according to the latest installment of the Consumer Financial Protection Bureau’s monthly complaint reports.
The proposal contains a number of clarifications, technical corrections and minor changes to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act rule.
Nearly 100 percent of complaints requiring a response submitted to the Consumer Financial Protection Bureau receive timely resolution, according to the bureau’s latest annual report.
The Costa Mesa, Calif., company told consumers the credit scores it marketed and provided were used by lenders to make credit decisions; lenders did not use those same Experian scores to make such decisions, the bureau said.