The Consumer Financial Protection Bureau is already in the midst of enacting changes to some of its rules, namely the requirements for the data collection and reporting stipulated by the Home Mortgage Disclosure Act and its enforcement practices, but those may not be the only rule changes coming from the CFPB.
The CFPB announced Monday that it plans to “periodically” review its regulations and may amend or even abolish existing rules.
According to the CFPB, the review of its rules is stipulated by the Regulatory Flexibility Act, which establishes that agencies s...
Members in Congress and the White House have been very blunt about their desire to gut the Consumer Financial Protection Bureau (CFPB).
The agency was launched in 2011 in the aftermath of the financial crisis as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The goal was to protect consumers from deceptive or misleading practices in the financial industry.
So what would you miss if the CFPB suddenly disappeared?
In short, a lot, including a just-issued rule that would prevent financial companies from using arbitration clauses to prevent people...
Embattled servicer Ocwen is facing still more legal woes, this time over automated calling.
Consumers have requested a preliminary injunction against the company for the way it uses automated dialing to call their cell phones, according to a Reuters report. US District Judge Matthew Kennelly said on Wednesday that he might grant “at least some” of the plaintiffs’ requests, but he wants more information from Ocwen about the costs and feasibility of granting the injunction.
Of course, that’s just the tip of the legal iceberg for the servicer at the moment. Last wee...
The Consumer Financial Protection Bureau sued Ocwen Financial Corp., one of the nation’s largest mortgage servicers, on Thursday, alleging the company engaged in “significant and systemic misconduct” that caused borrowers to lose their homes.
In addition to the lawsuit filed in U.S. District Court in Florida, more than 20 state regulators took action against the company, limiting its operations in their states.
The dual actions caused the company’s stock to plunge nearly 54% on Thursday. Shares edged up 0.8% to $2.52 on Friday morning.
The Consumer Financial Protection Bureau (CFPB) today ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014. Today’s action is the largest HMDA civil penalty imposed by the Bureau to date, which stems from Nationstar’s market size, the substantial magnitude of its errors, and its history of previous violations. In fact, Nationstar had been on notice since 2011 of HMDA compliance problems. In addition...