Category Archives: Consumer Financial Protection Bureau (CFPB)

House to vote on killing Dodd-Frank today

Dodd Frank Public Law

House lawmakers are poised to pass the “crown jewel” of the GOP-led regulatory reform effort on Thursday, effectively gutting the Dodd-Frank financial regulations that were put in place during the Obama administration. Called the Financial Choice Act, the Republican bill seeks to undo significant parts of the 2010 financial reform law. Crafted by House Financial […]

CFPB Report Details Problems, New Requirements Consumer Reporting Companies Must Implement

cfpb Watching Agencies

Some of the problems that the CFPB documented in its report include: • No programs to test the accuracy of credit reports that the CRCs produced, prompting Director Cordray to remark “we were surprised to find that [the CRCs’] quality control systems were either rudimentary or virtually non-existent.” •Deficiencies regarding the CRCs’ relationship with furnishers and […]

Beware, mortgage seekers: Random, online ‘credit scores’ are not always reliable

Credit Score Displayed on a Laptop

A new legal settlement from the Consumer Financial Protection Bureau alleges that Experian, one of the big three credit-reporting bureaus, “deceptively marketed credit scores to consumers by misrepresenting” them as “the same” as what their lender would use in determining whether and on what terms to offer them a loan.    In fact, said the […]

Supervisory Highlights Consumer Reporting Special Edition Issue 14, Winter 2017

The CFPB’s vision is rooted in the obligations and rights set forth in the Fair Credit Reporting Act (FCRA) and Regulation V.1 In the last two years, we identified failings in compliance management systems and violations of law both at CRCs and at furnishers. As a result, we have directed specific improvements in data accuracy […]

CFPB Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores

The Consumer Financial Protection Bureau (CFPB) today took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use Experian’s scores to […]

Credit Report Attorney: The mortgage market is now dominated by non-bank lenders

The entire ecosystem of the mortgage markets is fragile, says Burns, which has a chilling effect on the economy. “The lack of access to credit not only hurts consumers, but it hurts builders and therefore contributes to the lack of affordable housing,” Burns says. “That, in turn, has an impact on the broader economy, […]

4 laws that protect your credit rights

In matters pertaining to credit, do you feel like it’s you against the world? Sometimes we all feel that way, but in reality, there are rules and regulations to help protect you against credit discrimination, abuse, or improper handling of your information. Consider these four important laws that help protect your credit rights. […]

US’ largest student loan company, Navient, cheated millions, suit alleges

Federal regulators have sued Navient, accusing the biggest U.S. student loan company of making it harder for borrowers to repay loans by giving them bad information, processing payments incorrectly and failing to act on complaints. The Consumer Financial Protection Bureau filed the federal lawsuit against Navient Corp. and two subsidiaries on Wednesday, seeking restitution […]

Americans can’t afford to lose Richard Cordray or the CFPB

In its five years as an agency, the CFPB has recovered more than $11 billion for 27 million consumers harmed by illegal practices of financial institutions. The bureau has secured relief in more than 100 cases, directly putting money back in the pockets of American consumers who have been victimized by companies that refuse […]