RSSCFPB says Gramm-Leach-Bliley doesn’t apply to possible elder fraud
In union with six other federal regulatory agencies, the Consumer Financial Protection Bureau jointly issued an interagency guidance on reporting financial abuse of older adults.
Category Archives: News
Chase and JPMorgan Chase fined for credit card practices
In coordination with the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau ordered Chase Bank USA, N.A. and JPMorgan Chase, N.A. to refund approximately $309 million to more than 2.1 million customers for what the CFPB termed illegal credit card practices.
Cordray says prepaid cards are top priority
Regulation for the prepaid card market is “a real front-burner issue for the CFPB,” the agency’s Director Richard Cordray told the Washington Post on Sept. 11.
CFPB studying ways to improve consumer financial capability, decision-making
The Consumer Financial Protection Bureau recently summarized progress in its efforts to promote financial literacy.
One-time state regulator promoted to CFPB deputy director
On Sept. 4, Steve Antonakes was named Deputy Director of the Consumer Financial Protection Bureau. The former commissioner of banking for the State of Massachusetts had been Acting Deputy Director.
CFPB still anxious about student debt
In the wake of its announcement that student loan debt had passed the $1.2 trillion mark, the Consumer Financial Protection Bureau continues to focus on student loan debt.
Mortgage servicing and compliance management problems
In its latest Supervisory Highlights report, the Consumer Financial Protection Bureau focused on mortgage servicing problems, although it also noted that many nonbanks which fall under CFPB supervision are “more likely to lack robust compliance management systems.”
Private student loan complaints 2012-2013
The Consumer Financial Protection Bureau recently released a mid-year update to its analysis of private student loan complaints, which it began collecting in March 2012.
Student Loan Debt Tops $1.2 Trillion
The Consumer Financial Protection Bureau released new estimates which place outstanding student loan debt near $1.2 trillion.
CFPB takes action against mortgage firm for compensation practices
On July 23, the Consumer Financial Protection Bureau filed a complaint against Castle & Cooke Mortgage, alleging that the Salt Lake City-based mortgage bank paid quarterly bonuses to loan officers who nudged borrowers into higher-cost loans.
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