RSSCFPB says Gramm-Leach-Bliley doesn’t apply to possible elder fraud
In union with six other federal regulatory agencies, the Consumer Financial Protection Bureau jointly issued an interagency guidance on reporting financial abuse of older adults.
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Chase and JPMorgan Chase fined for credit card practices
In coordination with the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau ordered Chase Bank USA, N.A. and JPMorgan Chase, N.A. to refund approximately $309 million to more than 2.1 million customers for what the CFPB termed illegal credit card practices.
Cordray says prepaid cards are top priority
Regulation for the prepaid card market is “a real front-burner issue for the CFPB,” the agency’s Director Richard Cordray told the Washington Post on Sept. 11.
CFPB studying ways to improve consumer financial capability, decision-making
The Consumer Financial Protection Bureau recently summarized progress in its efforts to promote financial literacy.
CFPB still anxious about student debt
In the wake of its announcement that student loan debt had passed the $1.2 trillion mark, the Consumer Financial Protection Bureau continues to focus on student loan debt.
One-time state regulator promoted to CFPB deputy director
On Sept. 4, Steve Antonakes was named Deputy Director of the Consumer Financial Protection Bureau. The former commissioner of banking for the State of Massachusetts had been Acting Deputy Director.
Mortgage servicing and compliance management problems
In its latest Supervisory Highlights report, the Consumer Financial Protection Bureau focused on mortgage servicing problems, although it also noted that many nonbanks which fall under CFPB supervision are “more likely to lack robust compliance management systems.”
As community banks leave mortgage market, former CFPB official prepares to benefit
The ex-CFPB Deputy Director Raj Date has attracted criticism for creating a mortgage company which competes in nonqualified mortgages, a category of loan he helped create at the CFPB. While Date’s conduct has its critics and defenders, one thing is certain. Community banks have been pushed out of the mortgage business by the rules Date helped write, and Date’s company now plans to soak up the extra loans.
Private student loan complaints 2012-2013
The Consumer Financial Protection Bureau recently released a mid-year update to its analysis of private student loan complaints, which it began collecting in March 2012.
Student Loan Debt Tops $1.2 Trillion
The Consumer Financial Protection Bureau released new estimates which place outstanding student loan debt near $1.2 trillion.
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