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CFPB's Report to Congress Highlights Enforcement, Rules
The Consumer Financial Protection Bureau has released its annual report to Congress, detailing enforcement actions in 2014 and the status of coming up with rules for the collection industry.
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WASHINGTON — Large mortgage servicers continued to shed delinquencies as overall loan performance improved in the fourth quarter, the Office of the Comptroller of the Currency said Friday. more »
CardFlex Inc. and its principals have settled charges that they illegally processed more than $26 million in consumer charges on behalf of a company called I Works. more »
A nationwide and cross-border crackdown on auto sales, including loan modifications, has included 252 enforcement actions. more »
A mortgage relief operation has settled Federal Trade Commission charges that they illegally charged upfront fees for services they falsely promised would reduce consumers’ mortgage interest rates or monthly payments. more »
U.S. Sen. Sherrod Brown, D-Ohio, announced his ongoing co-sponsorship of legislation aimed at allowing people with outstanding student loan debt to refinance at the lower interest rates offered to new borrowers. The measure has resurfaced in the 114th Congress. more »
Thirteen Minnesota hospital systems reported a bad-debt increase of $15 million between 2013 and 2014 even as charity care costs - reported by 10 hospital systems - fell by about $37 million in the same period, according to an analysis by the Minneapolis Star Tribune. more »
The National Foundation for Credit Counseling has received a grant award totaling $2.3 million from NeighborWorks America to support foreclosure prevention efforts through its Member Agencies. more »
OPEN TO INTERPRETATION: "It's safe to say the CFPB is not a fan of marketing agreements, but that doesn't make them illegal," said attorney Phillip Schulman.
The long-standing practice of banks and mortgage lenders paying real estate brokers and homebuilders for referrals could soon be coming to an end. more »
Private student loans would no longer be exempt from protections when borrowers file for bankruptcy, under a bill introduced in the U.S. Senate. more »
Despite turmoil in the auto loan market - delinquencies are up, more people are losing their cars to repossession - Santander Consumer USA still had few problems finding buyers last week for a bond deal consisting of auto loans to credit-troubled borrowers. more »
A presidential memorandum signed Tuesday directs federal agencies to overhaul the way Americans repay their student loans, the latest move in a series of steps the Obama administration is taking to promote college affordability and access. more »
"Tens of millions of consumers are covered by arbitration clauses, but few know about them or understand their impact," CFPB Director Richard Cordray said.
WASHINGTON — The Consumer Financial Protection Bureau appears ready to act on rules limiting arbitration clauses as the bureau continues to argue such agreements harm consumers. more »

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