consumer financial protection bureau: CFPB and OCC Broker Another Settlement....A Win for Chase Bank Customers
- 05/24/14 10:24 AM
CFPB and OCC Broker Another Settlement....A Win for Chase Bank Customers There are approximately 2.1 million JP Morgan Chase Bank customers who can expect to receive a small refund as part of a recent $309-million settlement between the Consumer Financial Protection Bureau (CFPB) and the bank. The CFPB and the Office of the Comptroller of the Currency (OCC) determined that Chase “engaged in unfair billing practices for certain credit card add-on products by charging consumers for credit monitoring services that they did not receive.” Customers can expect to receive a “full refund” if they have been identified as not receiving the services between October 2005 (0 comments)
consumer financial protection bureau: New Regulations Hurting Small Mortgage Lenders?
- 01/22/14 02:29 AM
I have a colleague that is also the President of a small lender. They have about 8 branches. Members of his communities rely upon his bank because it is a local community bank and customers have pretty good access to him. He is involved in every loan transacation and he approves loans that pther lenders would not (and they rarely go into default). He advised me this week that new mortgage rules that took effect last week could further hamper small lenders’ ability to issue loans. This was widely reported in the Wall Street Journal. Under the new rules, lenders must (6 comments)
consumer financial protection bureau: Are CFPB Financial Industry Reforms in Danger?
- 02/09/13 07:47 PM
For consumer advocates – and many consumers themselves – the Consumer Financial Protection Board has had a banner year. Mandated by the Dodd-Frank Act to regulate consumer protections across a broad range of financial products and services – from mortgages to payday loans to foreclosure relief services to debt collection, and everything in-between – the CFPB has put into place nearly 30 separate rules and regulations since Richard Cordray was appointed on January 4, 2012 to head up the agency by President Obama. However, recent court ruling calls many of those actions into question. On January 25, the DC Circuit Court (5 comments)
consumer financial protection bureau: Protection for Home Owners from Servicer MisConduct
- 01/18/13 08:07 PM
I have written a number of blog posts about the Consumer Financial Protection Bureau (CFPB). This week, it finalized rules to help protect homeowners from poor service and unexpected fees that are charged by mortgage servicers. The new rules follow release of regulations designed to insure that qualified mortgages (QMs) are, indeed, likely to be repaid. I blogged about this earlier.The latest regulations require that mortgage companies: *Provide clear monthly billing statements *Warn borrowers before interest rates rise *Actively help borrowers avoid foreclosure, including contacting the borrower and providing “information about the amount due required to become current, the risk of (1 comments)
consumer financial protection bureau: Update on the Consumer Financial Protection Bureau Part II
- 09/06/12 05:58 PM
Here is the second part of an update on the Consumer Financial Proetction Bureau as mandated under the Dodd-Frank Act. Earlier, I posted three sections that purtain to the act that may be of interest and here a an additional three. These were compiled for a series of legal articles.
4. Offering alternatives to points and fees:
“If the creditor pays loan originator compensation, the CFPB proposes that the creditor may not impose any discount points or origination points or fees unless the creditor makes available to the consumer a comparable, alternative loan that does not include discount points (3 comments)
consumer financial protection bureau: Update on the Consumer Financial Protection Bureau
- 09/06/12 05:46 PM
I decided to write an update to the Consumer Financial Protection Bureau as it seems that its purpose and goals have not been disseminated well. On one hand, it is a HUGE bureaucracy with many levels of complicated structure. On the other hand, it is intended to aid consumers.
I have complied a summary of many legal articles written about it and I will write them in a two part blog...
The Consumer Financial Protection Bureau continues to restructure the country’s mortgage finance system as mandated by the Dodd-Frank Act.
Most recently, the agency proposed new rules (4 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement