Mortgage Mischief? Why It Pays to Shop Around

Mortgages

Mortgage Mischief? Why It Pays to Shop Around

Mortgage Mischief? Why It Pays to Shop Around

Home borrowers got a reminder Thursday that the mortgage process remains a potential minefield. A nationwide mortgage firm accused of paying employees bonuses to steer borrowers into less-favorable mortgage terms has agreed to pay $13 million in penalties to settle the charges, the Consumer Financial Protection Bureau announced Thursday. Utah-based Castle & Cooke was accused… Read More

Consumer Watchdog Now Accepting Payday Loan Complaints

Managing Debt

Consumer Watchdog Now Accepting Payday Loan Complaints

Consumer Watchdog Now Accepting Payday Loan Complaints

The Consumer Financial Protection Bureau began overseeing the payday loan industry in 2012 and is now accepting complaints from borrowers who experience issues with them. Consumers who take out payday loans, or cash advances, generally borrow less than $500 for a short period of time. These loans carry high interest rates, and while 12 million… Read More

Sending Money Abroad? New Rules Should Help

Personal Finance

Sending Money Abroad? New Rules Should Help

Sending Money Abroad? New Rules Should Help

If you send money abroad, you know the process can be confusing and expensive. But rules announced recently by the Consumer Financial Protection Bureau should make the process simpler and easier to understand. Because there are so many factors involved (senders have to account for exchange rates, taxes and fees — sometimes on both ends… Read More

Chase Ordered to Refund $309 Million for Credit Card Add-Ons

Credit Cards

Chase Ordered to Refund $309 Million for Credit Card Add-Ons

Chase Ordered to Refund $309 Million for Credit Card Add-Ons

Federal regulators said Thursday that banking giant JPMorgan Chase must refund $309 million to 2.1 million credit card holders for alleged deception in credit card “add-on” services like credit monitoring and ID theft protection. The firm was also ordered to pay $80 million in fines. The “abusive practices” took place during a 7-year span from… Read More

2 Years Later, Richard Cordray Confirmed as CFPB Director

Personal Finance

2 Years Later, Richard Cordray Confirmed as CFPB Director

2 Years Later, Richard Cordray Confirmed as CFPB Director

After a 2-year wait and a contentious legislative battle, Richard Cordray was confirmed Tuesday as the director of the Consumer Financial Protection Bureau. The CFPB was created under the 2010 Dodd-Frank Act to regulate consumer protection in the financial services industry. The CFPB aims to promote fair and transparent markets through education, enforcing and research. Thus… Read More

CFPB Now Taking Complaints About Debt Collectors

Managing Debt

CFPB Now Taking Complaints About Debt Collectors

CFPB Now Taking Complaints About Debt Collectors

The Consumer Financial Protection Bureau (CFPB) released two bulletins and several action letters today, outlining new regulations and resources to help protect consumers from unlawful conduct by debt collectors. The CFPB also announced that it will begin taking consumer complaints regarding collection practices beginning today. There are an estimated 4,500 debt collection firms in the… Read More

CFPB Issues Revisions for Mortgage Rules

Mortgages

CFPB Issues Revisions for Mortgage Rules

CFPB Issues Revisions for Mortgage Rules

The federal government has put a number of new regulations into place as a means of shielding consumers from potentially harmful financial products, and now, one watchdog agency has made a number of changes to rules it put into place in January. The Consumer Financial Protection Bureau recently revised several rules in its Ability-to-Repay mortgage lending… Read More

CFPB Zeroes In on Bank Overdraft Fees

Personal Finance

CFPB Zeroes In on Bank Overdraft Fees

CFPB Zeroes In on Bank Overdraft Fees

The Consumer Financial Protection Bureau released a white paper today on the impact of overdraft and non-sufficient funds (NSF) fees on the average bank account holder. The report is the result of an examination the CFPB announced in February 2012, and involves an analysis of information provided from a request for information published in the… Read More

CFPB Complaint Database Tops 100,000 Reports for First Time

Personal Finance

CFPB Complaint Database Tops 100,000 Reports for First Time

CFPB Complaint Database Tops 100,000 Reports for First Time

The federal consumer watchdog agency in charge of ensuring that borrowers don’t run into any difficulties with their finances recently put a searchable database of complaints into place, and has once again updated it to be more functional and include a larger amount of information. The Consumer Financial Protection Bureau recently announced that it has expanded… Read More

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