Category: CFPB

Consumer Financial Protection Bureau (CFPB)

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The CFTC is a U.S. government agency established in 2011 under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its primary mission is to protect consumers in the financial marketplace by ensuring fair treatment, promoting transparency, and enforcing consumer financial laws. The CFTC regulates a wide range of financial products and services, including mortgages, credit cards, student loans, and payday loans. It achieves its goals through a combination of rulemaking, supervision, enforcement, and consumer education initiatives. By monitoring financial institutions and responding to consumer complaints, the CFPB aims to empower consumers with the information and tools needed to make informed financial decisions and to safeguard their interests in a complex and often opaque financial system.

CFPB-PR-240829-1

August 31, 2024

CFPB-PR-240829-1 (Aug. 29, 2024)

CFPB Orders NewDay USA to Pay $2.25 Million for Illegally Luring Veterans and Military Families into Cash-Out Refinance Loans – NewDay USA’s deceptive tactics came amid VA home loan “churning” scandal

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans. The CFPB found that NewDay USA gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s loans appear less expensive relative to their existing mortgages. The CFPB is ordering NewDay USA to pay a $2.25 million civil penalty to the CFPB’s victims relief fund.

CFPB-PR-240829-1

Date: Aug. 29, 2024

Accessed: Aug. 31, 2024

Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-newday-usa-to-pay-2-25-million-for-illegally-luring-veterans-and-military-families-into-cash-out-refinance-loans/

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CFPB-PR-240829-1

CFPB-PR-240827-1

August 31, 2024

Posted by administrator Agency Reports Categories CFPB CFPB-24 CFPB-2408 Debit Cards Federal News Sources

CFPB-PR-240827-1 (Aug. 21, 2024)

CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards – Closures of banks have created conditions for major dollar store chains to charge for cash back

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card. These cash-back fees are occurring against the backdrop of bank mergers, branch closures, and prevalence of out-of-network ATM fees that have reduced the supply of free cash access points for consumers.

CFPB-PR-240827-1

Date: Aug. 27, 2024

Accessed: Aug. 31, 2024

Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-finds-large-retail-chains-charging-cash-back-fees-to-customers-using-debit-and-prepaid-cards/

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CFPB-PR-240821-1

August 21, 2024

Posted by administrator Categories CFPB CFPB-24 CFPB-2408 Companies in the News Fay Servicing LLC Federal News Sources Mortgages

CFPB-PR-240821-1 (Aug. 21, 2024)

CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order – Order requires the mortgage servicer to pay $5 million in redress and penalties, and sets compensation limits on CEO Edward Fay

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Fay Servicing to pay a $2 million penalty for violations of mortgage servicing laws, as well as for violations of a 2017 agency order that addressed its illegal foreclosure practices. The company failed to implement the order’s requirements and continued to break the law. Fay Servicing took prohibited foreclosure actions against borrowers requesting mortgage assistance, failed to offer borrowers mortgage assistance options available to them, and overcharged for private mortgage insurance. In addition to the civil money penalty, the CFPB’s order requires Fay Servicing to pay consumer redress of $3 million and to invest $2 million to update its servicing technology and compliance management systems. The order also puts compensation limits on Edward Fay, the company’s Chairman of the Board and Chief Executive Officer (CEO), if Mr. Fay does not take actions necessary to ensure compliance with the order.

PR-240821-1

Date: Aug. 21, 2024

Accessed: Aug. 26, 2024

Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-fay-servicing-for-illegal-foreclosure-actions-and-violating-law-enforcement-order/

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CFPB-PR-240821-1

CFPB-PR-240818-1

August 18, 2024

Posted by administrator CFPB CFPB-24 CFPB-2408 Consumer Education Federal News Sources

CFPB-PR-240818-1 (Aug. 18, 2024)

Consumer Resources – Wherever you are on your financial journey, you can prepare yourself to make informed financial decisions with these resources.

CFPB-PR-240818-1

Date Accessed: Aug.18, 2024

Source URL: https://www.consumerfinance.gov/consumer-tools/

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Consumer Resources

CFPB-PR-240813-1

August 13, 2024

Posted by administrator CFPB CFPB-24 CFPB-2408 Contract-for-Deed Investing Federal News Sources

CFPB-PR-240813-1 (Aug. 13, 2024)

CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail – CFPB affirms that contracts for deed must comply with longstanding federal mortgage protections.

PR-240813-1

Date: Aug. 13, 2024

Accessed: Aug. 26, 2024

Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-stop-contract-for-deed-investors-from-setting-borrowers-up-to-fail/

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CFPB-PR-240813-1-1

CFPB-PR-240808-1

August 8, 2024

Posted by administrator Categories CFPB CFPB-24 CFPB-2408 Companies in the News Credit Repair Cloud Federal News Sources Junk Fees

CFPB-PR-240808-1 (Aug. 8, 2024)

CFPB Takes Action Against Credit Repair Cloud and CEO Daniel Rosen for Enabling Credit Repair Companies that Harvest Illegal Fees – Proposed order requires defendants to pay $3 million

PR-240808-1

Date: Aug. 8, 2024

Accessed: Aug. 26, 2024

Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-credit-repair-cloud-and-ceo-daniel-rosen-for-enabling-credit-repair-companies-that-harvest-illegal-fees/

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CFPB-PR-240808-1-1

CFPB-PR-240807-1

August 7, 2024

Posted by administrator Agency Reports Categories CFPB CFPB-24 CFPB-2408 Federal News Sources Solar Energy Loans

CFPB-PR-240807-1 (Aug. 7, 2024)

CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans – Agency issues nationwide consumer advisory on predatory solar lending.

PR-240807-1

Date: Aug. 7, 2024

Accessed: Aug. 26, 2024

Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-finds-lenders-cramming-markup-fees-and-confusing-terms-into-solar-energy-loans/

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CFPB-PR-240807-1-1

CFPB-PR-240802-1

August 2, 2024

Posted by administrator Agency Rules CFPB CFPB-24 CFPB-2408 Federal News Sources

CFPB-PR-240802-1 (Aug. 2, 2024)

CFPB Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies.

PR-240802-1

Date: Aug. 2, 2024

Accessed: Aug. 26, 2024

Source URL: https://www.consumerfinance.gov/about-us/newsroom/cfpb-joins-federal-regulators-to-propose-rule-to-standardize-data-submitted-to-federal-financial-agencies/

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CFPB-PR-240802-1-1

CFTC-PR-8883-24

March 22, 2024

Posted by administrator Agency Meetings & Events Categories CFPB CFPB-24 CFPB-2403 Federal News Sources

CFTC-PR-8883-24 (Mar. 22, 2024)

Chairman Behnam Announces CFTC Agricultural Advisory Committee to Meet April 11, 2024 in Overland Park, KS

Washington, D.C. — Chairman Rostin Behnam, sponsor of the Agricultural Advisory Committee (AAC), today announced the AAC will hold a public meeting on April 11 from 9:30 a.m. to 11:00 a.m. (CDT) at the Sheraton Overland Park Hotel in Overland Park, KS. Members of the public will also have the option to attend virtually.

PR-8883-24

Date: Mar. 22, 2014

Date Accessed: Aug. 1, 2024

Source URL: https://www.cftc.gov/PressRoom/PressReleases/8883-24

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CFTC-PR-8883-24

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Category: CFPB

CFPB Orders NewDay USA to Pay $2.25 Million for Illegally Luring Veterans and Military Families into Cash-Out Refinance Loans – NewDay USA’s deceptive tactics came amid VA home loan “churning” scandal

CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards – Closures of banks have created conditions for major dollar store chains to charge for cash back

CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order – Order requires the mortgage servicer to pay $5 million in redress and penalties, and sets compensation limits on CEO Edward Fay

Consumer Resources – Wherever you are on your financial journey, you can prepare yourself to make informed financial decisions with these resources.

CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail – CFPB affirms that contracts for deed must comply with longstanding federal mortgage protections.

CFPB Takes Action Against Credit Repair Cloud and CEO Daniel Rosen for Enabling Credit Repair Companies that Harvest Illegal Fees – Proposed order requires defendants to pay $3 million

CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans – Agency issues nationwide consumer advisory on predatory solar lending.

CFPB Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies.

Chairman Behnam Announces CFTC Agricultural Advisory Committee to Meet April 11, 2024 in Overland Park, KS

CFPB Addresses Inaccurate Background Check Reports and Sloppy Credit File Sharing Practices – False, incomplete, and old information must not appear in background check reports, and a person’s complete consumer file must be provided to them upon request.