Bureau of Consumer Financial Protection Announces Settlement With Wells Fargo For Auto-Loan Administration and Mortgage Practices
WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with Wells Fargo Bank, N.A. in a coordinated action with the Office of the Comptroller of the Currency (OCC). As described in the consent order, the Bureau found that Wells Fargo violated the Consumer Financial Protection Act (CFPA) in the way it administered a mandatory insurance program related to its auto loans. The Bureau also found that Wells Fargo violated the CFPA in how it charged certain borrowers for mortgage interest rate-lock extensions. Under the terms of the consent orders, Wells Fargo will remediate harmed consumers and undertake certain
The bureau announced back in January that it is issuing a “call for evidence to ensure the bureau is fulfilling its proper and appropriate functions to best protect consumers.” It announced it will publish requests for public comment on the bureau’s enforcement, supervision, rulemaking, market monitoring, and education activities.
These “Requests for Information” will “provide an opportunity...
Acting Director Mulvaney Announces Call for Evidence Regarding Consumer Financial Protection Bureau Functions
Seeks Public Input on Ways to Better Fulfill Statutory Obligations
WASHINGTON, D.C. — The Consumer Financial Protection Bureau today announced that it is issuing a call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. In coming weeks, the Bureau will be publishing in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities. These RFIs will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities.
"In this New Year, and under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau’s statutory mandate. Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement," said Bureau Acting Director Mick Mulvaney. "Much can be done to facilitate greater consumer choice and efficient markets, ...
The holidays can put a financial burden even on the savviest of shoppers and savers. But like most things, taking time to plan can help you avoid the stress that comes with overspending. Before you hit the mall or shop for Black Friday deals, keep reading to learn how to make a holiday spending plan that works for you.
More than one out of every 12 people over the age of five in the U.S. are limited English proficient (LEP), meaning that they speak English less than very well, according to the U.S. Census Bureau’s 2016 American Community Survey One-Year Estimates. LEP consumers may find it difficult to access financial products and services.
Today, we are releasing a report to share some current practices and raise awareness about issues that many LEP consumers face when participating in the financial marketplace.
CFPB releases principles to protect consumer financial data
Principles cover consumer-authorized financial data sharing
The Consumer Financial Protection Bureau released a set of principles to better protect consumers when they authorize third party companies to access their financial data to provide certain financial products and services.
However, the CBFB clarified that these principles do not establish binding requirements or obligations relevant to the bureau’s exercise...
Technology is transforming everything; it is changing the way we communicate, the way we access goods and services, and even the way we purchase homes. Soon, more and more consumers may increasingly find themselves being offered technology that allows them to access, sign, and submit mortgage closing documents online. We believe that “eClosing” can leverage technology in the mortgage closing process by providing consumers with more time to review closing disclosures and transform the way consumers relate to the overwhelming process of closing on a home.
When we asked consumers what they felt were the biggest issues...
Senate to soon vote to rescind new CFPB arbitration rule
Sen. Brown won't back down without a fight
With the Republican push for healthcare reform seemingly over for this year, it appears the Senate will likely vote on revoking the Consumer Financial Protection Bureau’s controversial arbitration rule soon.
According to an article in Reuters by Lisa Lambert and Pete Schroeder, “Once Republican lawmakers either pass or abandon their latest effort to redo healthcare...
The Consumer Financial Protection Bureau (CFPB) released a list of common mistakes following the first round of mortgage origination examinations for compliance with the TILA-RESPA Integrated Disclosures (TRID) rule.
Referred to by the CFPB as Know Before You Owe, the bureau reported the findings in its summer edition of its Supervisory Highlights.
While the CFPB failed to provide a formal hold-harmless period, the bureau did state that it would be sensitive during these early examinations.
In the report, the bureau noted that supervised entities “were able to effectively implement and comply with the Know Before You Owe mortgage disclosure rule changes.”
However, the CFPB did compile a list of most common mistakes relating to the content and timing of Loan Estimates and Closing Disclosures:
Your credit reports and scores have a major impact on your financial opportunities. Our resources can help you better understand your credit reports and scores, learn how to correct inaccuracies, and improve your credit record over time.