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The Consumer Financial Protection Bureau, in conjunction with the Department of Justice, recently issued an order to Ally Financial, Inc., and Ally Bank to pay $80 million in damages to auto loan consumers who were harmed by discriminatory policies on auto loan applications.
The Consumer Financial Protection Bureau recently filed its first lawsuit against an online lender, CashCall, Inc., as well as CashCall’s owner, subsidiary and affiliate.
The Consumer Financial Protection Bureau ordered GE Capital Retail Bank and its subsidiary, CareCredit, to refund $34.1 million to approximately 1.2 million customers of a deferred-interest healthcare credit card.
Banks spend more on operations and information technology than human resources, compliance or legal expenses, according to a report released by the Consumer Financial Protection Bureau.
On Nov. 20, the Consumer Financial Protection Bureau combined two sets of disclosures: those given to consumers after they apply for a loan and those given consumers before finalizing a loan.
For every dollar allocated to increasing financial literacy, $25 is spent on financial marketing according to a year-long study by the Consumer Financial Protection Bureau.
Four months after it began accepting debt collection complaints, the Consumer Financial Protection Bureau has issued an Advance Notice of Proposed Rulemaking seeking information on debt collection.
Consumer Financial Protection Bureau director Richard Cordray spoke October 28 at the Mortgage Bankers of America annual convention. The chief topic was the CFPB’s upcoming Ability-to-Repay/Qualified Mortgage rule.
In an unrehearsed, question-and-answers session at the American Bankers Association’s annual convention, Consumer Financial Protection Bureau Director Richard Cordray didn’t mince words about the bureau’s mortgage rules which take effect in January 2014. After implementation, regulators will need a few months before they can examine around the new rules in a meaningful way, he said, adding that regulators will work with banks so long as they make good faith efforts to comply with the rules.
In response to inquiries, five federal agencies have issued a statement offering guidance about the fair lending risk banks may pick up if they choose to only offer Qualified Mortgages.