News – Page 59 – CFPB Journal

No exemption for small lenders from new CFPB mortgage form

Last November, the Consumer Financial Protection Bureau issued a long-anticipated new rule standardizing two mortgage forms.

CFPB announces $2.1 billion settlement agreement with Ocwen

The Consumer Financial Protection Bureau last month announced a $2.1 billion settlement agreement with Ocwen Financial Corporation, the fourth-largest U.S. mortgage servicer and the largest that is not a bank.

CFBP orders Ally Bank to pay $98 million in auto finance penalty

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.

CFPB files its first online lending lawsuit

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.

CFPB orders GE CareCredit to refund $34.1 million

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.

Operations and IT expenses top list of compliance costs.

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.

CFPB consolidates mortgage disclosure forms

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.

Financial marketers outspend financial educators 25-to-1

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.

CFPB solicits debt collection data for possible rules

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.

Cordray offers more QM rule reassurance

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.