Article Archives – Page 2

Fay Servicing fined $5 million for mortgage violations

The Consumer Financial Protection Bureau fined nonbank mortgage servicer Fay Servicing $5 million for foreclosing on homeowners who are protected by housing protection laws.

CFPB: Contract for deed deals covered under Truth in Lending Act

Contract for deed home purchase deals are covered under the Truth in Lending Act, according to a Consumer Financial Protection Bureau advisory opinion and research report.

CFPB warns against NDAs with illegal provisions

Financial institutions that impose nondisclosure agreements not allowing for communication with law enforcement can impede investigations and violate federal whistleblower protections, according to a recent Consumer Financial Protection Bureau circular.

CFPB: Paycheck advance products subject to Truth in Lending Act

Many paycheck advance products are consumer loans subject to the Truth in Lending Act, according to the Consumer Financial Protection Bureau.

CFPB: Lunch payment firms stifling competition

The Consumer Financial Protection Bureau is scrutinizing the companies school districts use to process student lunch payments for allegedly taking advantage of underserved families while limiting market competition.

CFPB proposes rule to reduce foreclosures

The Consumer Financial Protection Bureau proposed a rule last week that would make it harder for mortgage servicers to foreclose on borrowers.

CFPB fines Fifth Third Bank for unauthorized auto insurance accounts

The Consumer Financial Protection Bureau fined Cincinnati-based Fifth Third Bank $20 million for opening fake bank accounts and wrongfully triggering auto repossessions.

CFPB, FHFA report reveals positive mortgage sentiments

Seventy percent of respondents to a CFPB/FHFA survey were satisfied with their mortgage property appraisal process, according to a recent survey.

CFPB extends Section 1071 compliance deadlines

The Consumer Financial Protection Bureau extended Section 1071 compliance deadlines, after the rule was temporarily paused amid a lawsuit challenging the constitutionality of the bureau’s funding structure.

Lawsuit against CFPB’s late fee rule to remain in Texas

The New Orleans-based U.S. Court of Appeals for the Fifth District recently disallowed the relocation of a lawsuit challenging the Consumer Financial Protection Bureau’s late fee rule to Washington, D.C.