CFPB Resource Center

  • July 24, 2015
    CFPB Files Action for Financial Aid Billing Practices On Thursday, July 23, 2015, the CFPB filed a complaint and proposed consent order in federal court against Student Financial Aid Services, Inc. for illegal sales and billing practices. The Bureau alleges the company lured consumers with misleading information about the cost of subscription financial services and applied undisclosed and...
  • July 17, 2015
    Antonakes to Leave CFPB On Thursday, July 16, 2015, American Banker reported CFPB Deputy Director Steven Antonakes will leave the agency to spend more time with his family in Massachusetts. Antonakes, who has been with the CFPB since 2010, has been commuting to Washington, D.C. weekly . While his actual departure date is unclear, he is expected to leave soon. Information about a successor to...
  • July 10, 2015
    CFPB Cites Problems with Student Loan Servicing for Members of the Military On Tuesday, July 7, 2015, the CFPB released a report entitled: "Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform." The report, by the Bureau's Assistant Director of Office of Servicemember Affairs Holli Petraeus, and Seth Frotman, the Acting CFPB Student Loan Ombudsman,...
  • July 2, 2015
    CFPB Pursues Consent Orders with Credit Card Add-On Providers On Wednesday, July 01, 2015, the CFPB announced enforcement actions against Affinion Group Holdings and Intersections, Inc. for unfair practices related to the billing and administration of credit card add-on products. Add-on products have been an area of focus for CFPB enforcement actions for some time, but this is the first time the...
  • June 26, 2015
    CFPB Releases Supervisory Highlights On Tuesday, June 23, 2015 the CFPB released its eighth edition of the Supervisory Highlights , which specifically addressed areas of consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending. According to the CFPB, the recent supervisory resolutions have resulted in remediation of approximately $11...
  • June 19, 2015
    CFPB Issues Mid-Year Update of Student Loan Market On Thursday, June 18, 2015, the CFPB Student Loan Ombudsman issued a Mid-Year Update about complaints received regarding private student loans, and debt collection complaints about federal student loans. The report highlighted lenders policies regarding co-signer release, and found more than 90 percent of consumers who applied for co-signer...
  • June 12, 2015
    CFPB Releases Final Larger Participant Rule for Auto Finance Companies On Wednesday, June 10, 2015, the CFPB issued its final larger participant rule for the automobile financing market, as authorized by section 1024 of the Dodd-Frank Act. When the final rule becomes effective, the Bureau will have supervisory jurisdiction over nonbank auto finance companies engaging in at least 10,000 aggregate...
  • June 5, 2015
    IGs Assess Coordination among Regulators On Thursday, June 4, 2015, the Inspectors General for the FDIC, OCC, National Credit Union Administration (NCUA), Federal Reserve (Fed) and CFPB (OIGs) issued a report assessing the level of coordination among the prudential regulators and the CFPB. The evaluation was prompted by a March 20, 2013 hearing before the House Financial Services Subcommittee on...
  • May 29, 2015
    CFPB, DOJ Target Discretionary Broker Fees On Thursday, May 28, 2015, the CFPB, in conjunction with the DOJ, announced the agencies filed a lawsuit in California against Provident Funding Associates for allegedly charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. In addition to the complaint, the agencies filed a proposed order which would require Provident...
  • May 22, 2015
    CFPB Enters Into Consent Order with PayPal On Wednesday, May 20, 2015, the CFPB filed a complaint and proposed consent order in federal court against PayPal for allegedly enrolling consumers in its online credit product, PayPal Credit, illegally. The CFPB alleges PayPal deceptively advertised promotional benefits which it failed to honor, signed consumers up for credit without their permission,...

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