Three things to do before closing: What we learned from studying eClosing: ” We’ve heard from many consumers about the overwhelming process of closing on a mortgage, which can be confusing and difficult. Closing is the part of the mortgage process where you accept the terms of your loan, the last step before you owe,… Continue Reading
Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002
Search Results for: CFPB
CFPB Consumer Complaint Database
“The Consumer Complaint Database is a collection of 420,678 complaints, on a range of consumer financial products and services, sent to nearly 3,000 companies for response. We don’t verify all the facts alleged in these complaints, but we take steps to confirm a commercial relationship between the consumer and the company. See publication criteria. Since… Continue Reading
CFPB consumer complaint database
“[June 25, 2015] the Consumer Financial Protection Bureau (CFPB) [went] live with an enhanced public-facing consumer complaint database. It includes for the first time over 7,700 consumer accounts of problems they are facing with financial companies concerning mortgages, bank accounts, credit cards, debt collection, and more. The CFPB is also publishing a Request for Information… Continue Reading
CFPB Report Finds 26 Million Consumers Are Credit Invisible
“Today the Consumer Financial Protection Bureau (CFPB) published a report finding that 26 million Americans are “credit invisible.” This figure indicates that one in every 10 adults do not have any credit history with a nationwide consumer reporting agency. The report also found that Black consumers, Hispanic consumers, and consumers in low-income neighborhoods are more… Continue Reading
CFPB – More financial empowerment tools for communities
“Today, we’re expanding the Your Money, Your Goals toolkit. This toolkit is a comprehensive and interactive guide designed for organizations that serve low-income consumers. It covers topics like budgeting for daily expenses, managing debt, and avoiding common financial traps. We’re releasing three versions of the toolkit for: Organizations that engage volunteers Legal aid organizations Workers… Continue Reading
CFPB Takes Action Against “Bad Check” Debt Collector
“Today, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a nationwide debt collection operation and its chief executive officer for using deceptive threats of criminal prosecution and jail time in order to intimidate consumers into paying debts for bounced checks. The company also misled consumers into believing that they must enroll in… Continue Reading
CFPB Report Outlines Legal Violations Uncovered by Supervision
“Today the Consumer Financial Protection Bureau (CFPB) released its latest supervision report highlighting legal violations uncovered by the Bureau’s examiners. The Bureau found deceptive student loan debt collection practices, unfair and deceptive overdraft practices, mortgage origination violations, fair lending violations, and mishandled disputes by consumer reporting agencies. The report also shows that CFPB supervisory resolutions… Continue Reading
CFPB Arbitration Study: Report to Congress 2015
“The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that we study arbitration agreements and provide a report to Congress of our findings. Companies provide almost all consumer financial products and services under written contracts. Arbitration agreements, in those contracts, can require that parties resolve any subsequent disputes through privately-appointed individuals (arbitrators), rather than… Continue Reading
CFPB Report Highlights Consumer Frustration Around Reverse Mortgages
“Today the Consumer Financial Protection Bureau (CFPB) released a report highlighting the top complaints for reverse mortgages. According to the report, consumers are frustrated with their loan terms, servicer runarounds, and foreclosure problems. To help consumers who already have a reverse mortgage, the CFPB is issuing an advisory with tips on how to plan ahead… Continue Reading
CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage
“Today, the Consumer Financial Protection Bureau (CFPB) released a report finding that almost half of consumers do not shop around for a mortgage when purchasing a home. The report also found that informed consumers are more likely to shop, especially if they are familiar with available mortgage rates. As part of its Know Before You… Continue Reading
CFPB Spotlights Concerns with Medical Debt Collection and Reporting
“…the Consumer Financial Protection Bureau (CFPB) released a report that found medical debt has a significant impact on consumer credit, as 43 million Americans have overdue medical debt on their credit reports. The CFPB is concerned that the systems for incurring, collecting, and reporting medical debt can create difficult challenges for consumers. To better address… Continue Reading
CFPB Report Finds Debt Collection Tops Older Consumer Complaints
“The Consumer Financial Protection Bureau (CFPB) released a report, A snapshot of debt collection complaints submitted by older consumers, highlighting debt collection as a top complaint for older Americans, many of whom say they struggle with debt in retirement. According to the report, some of the debt collection issues older Americans complain about include collectors: hounding about… Continue Reading
