The Consumer Financial Protection Bureau warned specialty consumer reporting agencies that they are required to make individual reports easily available to consumers who request them.
A majority of the largest banks in the country restrict their customers’ legal options for resolving disputes. A study released Nov. 26 by The Pew Charitable Trusts found that 64 percent of the largest 100 banks restrict the dispute resolution options for their checking account customers.
The Consumer Financial Protection Bureau has launched an initiative to encourage consumer-friendly innovation in financial products.
Jonathan Foxx, Managing Director of Lenders Compliance Group, Long Beach, N.Y. Foxx is a 30-year veteran of the mortgage industry and founder of the Association of Residential Mortgage Compliance Professionals. Foxx is interviewed by Justin Dullum of the CFPB Journal staff.
Raj Date, the man on Director Richard Cordray’s right hand, will leave the Consumer Financial Protection Bureau after it completes its mortgage rules, likely sometime in 2013.
In its first report of examination findings, the Consumer Financial Protection Bureau stresses that institutions under its supervisory authority should have a good compliance management system (CMS).
The Consumer Financial Protection Bureau is teaming up with the Federal Housing Finance Agency to create a National Mortgage Database.