CFPB – Consumer Complaint Database – “These are complaints weve received about financial products and services. Learn about the complaint process. We dont verify all the facts alleged in these complaints but we do take steps to confirm a commercial relationship between the consumer and company. Complaints are listed here after the company responds or… Continue Reading
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Protecting Consumers from Irresponsible Mortgage Lending
Fact Sheet: “When consumers apply for a mortgage, they often struggle to understand how much of a monthly payment they can afford to take on. They may assume that lenders and mortgage brokers will not make loans that people cannot afford. But in the years leading up to the financial crisis, lenders too often made… Continue Reading
Key Dimensions and Processes in the U.S. Credit Reporting System
Key Dimensions and Processes in the U.S. Credit Reporting System: A review of how the nations largest credit bureaus manage consumer data, December 13, 2012 “This paper describes the credit reporting infrastructure at the three largest nationwide consumer reporting agencies (NCRAs) Equifax Information Services LLC (Equifax), TransUnion LLC (TransUnion), and Experian Information Solutions Inc.… Continue Reading
FTC Warns Mortgage Advertisers that Their Ads May Violate Federal Law
News release: “After reviewing hundreds of mortgage advertisements, the Federal Trade Commission staff has sent letters to 20 companies, warning them that their ads may be deceptive. The FTC sent its warning letters to real estate agents, home builders, and lead generators, urging them to review their advertisements for compliance with the Mortgage Acts and… Continue Reading
A Brief Overview of Actions Taken by the Consumer Financial Protection Bureau in Its First Year
CRS – A Brief Overview of Actions Taken by the Consumer Financial Protection Bureau (CFPB) in Its First Year. Sean M. Hoskins, Analyst in Financial Economics, August 29, 2012 “The Consumer Financial Protection Bureau (CFPB), which formally started operating on July 21, 2011, was established by Title X of the Dodd-Frank Wall Street Reform and… Continue Reading
The Consumer Financial Protection Bureau: A Legal Analysis
CRS – The Consumer Financial Protection Bureau (CFPB): A Legal Analysis, David H. Carpenter, Legislative Attorney, June 7, 2012 “Title X of the Dodd-Frank Act is entitled the Consumer Financial Protection Act of 2010 (CFP Act). The CFP Act establishes the Bureau of Consumer Financial Protection (CFPB or Bureau) within the Federal Reserve System (FRS)… Continue Reading
Agencies Sign Memorandum of Understanding on Supervisory Coordination
News release: “Five federal supervisory agencies today released a Memorandum of Understanding (MOU) that clarifies how the agencies will coordinate their supervisory activities, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Section 1025 of the Dodd-Frank Act requires that the Consumer Financial Protection Bureau (CFPB) and the prudential regulators–the… Continue Reading
FTC – April is Financial Literacy Month
News release: “April is Financial Literacy Month, and the Federal Trade Commission, the nation’s consumer protection agency, has information to help you make the most of your money whether you’re a student, young adult, parent, older person, or military service member. Information from the FTC can help people gain mental muscle by understanding how credit… Continue Reading
Fair Debt Collection Practices Act, 2012 Annual Report
CFPB Annual Report 2012 Fair Debt Collection Practices Act “The Consumer Financial Protection Bureau is pleased to submit to Congress its first annual report summarizing its activities to administer the Fair Debt Collection Practices Act, during the past year. These activities represent the Bureaus inaugural effort to curtail deceptive, unfair, and abusive debt collection practices… Continue Reading
CFBP proposed rule on debt collectors and credit reporting agencies
News release: “The Consumer Financial Protection Bureau (CFPB) today announced a proposed rule to include debt collectors and consumer reporting agencies under its nonbank supervision program. This would mark the first time these important and far-reaching consumer financial market participants are subject to federal supervision.” Continue Reading
FTC, Consumer Financial Protection Bureau Pledge to Work Together to Protect Consumers
News release: “The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have signed an agreement to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts. The FTC has always been committed to protecting consumers and legitimate companies from bad actors in the financial marketplace, said FTC… Continue Reading
Determination of Depository Institution and Credit Union Asset Size For Purposes of Sections 1025 and 1026 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
News release: “The Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), and National Credit Union Administration (NCUA) (the Prudential Regulators), and the Bureau of Consumer Financial Protection (CFPB) (collectively, the Agencies), are issuing this Supervisory Statement to provide clarity and transparency on how and when the… Continue Reading
