What Happens When HAMP Expires at the End of This Year?

Mortgages

What Happens When HAMP Expires at the End of This Year?

What Happens When HAMP Expires at the End of This Year?

Nearly 10 million Americans lost their homes in the Great Recession. Millions more went through the arduous process of modifying their mortgages, either directly through banks or with the help of federal programs like the Home Affordable Modification Program (HAMP). Still more saw the value of their homes plummet, leaving them underwater and in financial peril. Many at-risk... Read More

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

Personal Loans

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

Claiming Americans consumers have been “set up to fail” by the short-term lending industry, federal regulators on Thursday issued sweeping new rules that would drastically alter the payday and title lending industries. Under the proposed rule from the Consumer Financial Protection Bureau, short-term lenders would have to verify borrowers’ ability to promptly repay loans, and be... Read More

Op/Ed: Student Borrowers Will Continue to Struggle Despite the CFPB’s Efforts

Students

Op/Ed: Student Borrowers Will Continue to Struggle Despite the CFPB’s Efforts

Op/Ed: Student Borrowers Will Continue to Struggle Despite the CFPB’s Efforts

The financial services industry erupted earlier this month, soon after the Consumer Financial Protection Bureau published a set of proposed rules for limiting the use of forced arbitration clauses by broad range of entities, including certain providers of financial products and services. This longstanding practice, whose origin dates back to 1925, of incorporating language that... Read More

Will It Now Be Easier to Sue Your Bank?

Personal Finance

Will It Now Be Easier to Sue Your Bank?

Will It Now Be Easier to Sue Your Bank?

Federal regulators moved one big step closer Thursday to banning contract language that prohibits consumers from joining class-action lawsuits against corporations. The Consumer Financial Protection Bureau today issued a formal Notice of Proposed Rulemaking on the ban, opening a 90-day public comment period that’s sure to attract heavy rhetoric from both sides of the issue.... 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

CFPB Releases Final Rules for Mortgage Industry

Mortgages

CFPB Releases Final Rules for Mortgage Industry

CFPB Releases Final Rules for Mortgage Industry

There have been far more regulations released for the lending industry in the last few years than ever before, and that trend continued over the last week, with the federal consumer finance watchdog agency releasing three more rule summaries for laws related to the issuing mortgages. The Consumer Financial Protection Bureau recently gave new guidance... Read More

CFPB Examining Auto Lending Add-Ons

Auto Loans

CFPB Examining Auto Lending Add-Ons

CFPB Examining Auto Lending Add-Ons

Millions of Americans have auto loans in their names and these products have been some of the most popular types of credit issued since the end of the recession, but it seems that some lenders issuing them may have been conducting some questionable practices as well. The Consumer Financial Protection Bureau, which is designed to... Read More

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