Article Archives – Page 73

Complaints over private student loans center on servicing

At more than $1 trillion, student loan debt is now the largest source of consumer debt, even ahead of credit cards.

Non-banks watch consumer reporting companies for clues about CFPB

David Stein, a former attorney with the Federal Reserve and the Consumer Financial Protection Bureau, offers this “heads up” to non-bank “larger participants” in the consumer financial services marketplace.

CFPB says nearly 80,000 consumer complaints filed

The Consumer Financial Protection Bureau has handled nearly 80,000 consumer complaints since the Bureau opened on July 21, 2011.

American Express hit with fines from CFPB, other regulators

The Consumer Financial Protection Bureau issued its third major enforcement action, this time against American Express.

CFPB creates community bank advisory committee

The Consumer Financial Protection Bureau announced the creation of a Community Banks Advisory Council on Sept. 12.

CFPB finds differences in credit scores

The credit score you purchase from a credit reporting agency may be very different from the score your lender sees.

Discover hit with major penalty over telemarketing practices

The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation announced Monday a joint public enforcement action requiring Discover Bank to refund $200 million to some 3.5 million customers.

State attorneys general join lawsuit disputing constitutionality of CFPB

The state attorneys general for Michigan, Oklahoma and South Carolina have joined a suit by a Texas bank and two nonprofits that have challenged the constitutionality of the Consumer Financial Protection Bureau and Richard Cordray’s appointment as director of the Bureau

Small banks may have another reason to jettison mortgage lending

Legal liability caused by a dilemma between the Consumer Financial Protection Bureau’s proposed ability-to-repay rule and U.S. Department of Housing and Urban Development fair lending statutes, could force community banks to leave mortgage lending.

CFPB disregards community banks in its final rule on international transfers

Actions speak louder than words. Previously, the Consumer Financial Protection Bureau touted its proposed remittance rule as an example of its efforts to reduce regulatory burden on community banks.