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The Consumer Financial Protection Bureau took its first action ever against a car dealership last week. DriveTime Automotive Group Inc., an Arizona-based company that sells vehicles as well as originating and servicing auto loans, was the target.
The Consumer Protection Financial Bureau announced last week that it is taking action against Franklin Loan Corporation for violations of the Federal Reserve Board’s loan originator compensation rule.
Flagstar Bank has been ordered to pay a $10 million fine and provide $27.5 million in restitution to mortgage customers by the Consumer Financial Protection Bureau. It is the first enforcement action by the CFPB under new mortgage servicing rules promulgated in January.
Looking to launch a new financial product? On October 8, the Consumer Financial Protection Bureau proposed a new policy to allow banks to request a “no-action letter” or “NAL.”
The Consumer Financial Protection Bureau has ordered U.S. Bank to refund $48 million for unfair billing practices related to add-on products offered through a vendor.
The Consumer Financial Protection Bureau has announced a lawsuit against online payday lender Hydra Group. The suit alleges fraudulent practices associated with their payday loans.
The Washington Examiner is reporting that the Consumer Financial Protection Bureau has awarded a substantial contract to an advertising firm with close ties to President Obama and other prominent Democrats.
Tim Pawlenty, president and CEO of the Financial Services Roundtable, has pulled an ad campaign after it was criticized by some roundtable members.
The Consumer Financial Protection Bureau has issued a warning to credit card companies against deceptively marketing promotional interest rates.
A report issued by the Office of the Inspector General of the Federal Reserve (OIG) exposed continuing issues with the current remodeling of the Consumer Financial Protection Bureau headquarters in Washington, D.C.