CFPB Resource Center

  • October 2, 2015
    Director Cordray Testifies Before House Financial Services Committee On Tuesday, September 29, 2015, CFPB Director Richard Cordray appeared before the House Financial Services Committee to offer the Semi-Annual Report of the Bureau of Consumer Financial Protection. In his testimony , he noted the recent growth in the mortgage market as well as in other consumer credit markets. He also touted the...
  • September 25, 2015
    CFPB, DOJ Order Hudson City Savings Bank to Pay $27 Million on Mortgage Access On Thursday, September 24, 2015, the CFPB and the U.S. Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for alleged redlining practices, denying residents in predominantly Black and Hispanic neighborhoods fair access to mortgage loans. The complaint filed by the CFPB and DOJ alleges...
  • September 18, 2015
    CFPB Develops New Tools for Consumers Shopping for a Mortgage On Thursday, September 17, 2015, the CFPB released new online tools under its "Know Before You Owe" initiative to help consumers shopping for a mortgage. The new tools are designed to help consumers decide if they are ready to purchase a home, how to get a mortgage, obtain an offer, and close the transaction. "Our new mortgage forms...
  • September 11, 2015
    CFPB Publishes Notice for Consumer Survey on Overdraft On Wednesday, September 9, 2015, the CFPB published a notice in the Federal Register seeking approval for a web-based consumer survey on overdraft services. The survey is likely to be the last effort by the Bureau to collect data before it initiates a rulemaking process on the issue. This is the first direct consumer survey the agency has...
  • September 4, 2015
    CBA Responds to Bureau's Normalization RFI On Monday, August 31, 2015, CBA responded to the CFPB's request for information on "best practices for 'normalizing' the raw complaint data it makes available via the [Consumer Complaint] Database so [the data is] easier for the public to use and understand." CBA emphasized the need to first verify the complaint data before the Bureau starts considering...
  • August 28, 2015
    CFPB Releases Monthly Complaint Report, Volume Two On Tuesday, August 25, 2015, the CFPB released volume two of its Monthly Complaint Report. Launched in July of 2015, the CFPB plans to release a monthly report highlighting a specific complaint type and geographic location. This month the Bureau focused on credit reporting and complaints in Los Angeles, CA. Notably, the "Top 10 Most Complained...
  • August 21, 2015
    CFPB, New York Target Pension-Advance Lenders On August 20, 2015, the CFPB, in conjunction with the New York Department of Financial Services, filed suit against Pension Funding, LLC and Pension Income, LLC and three fund managers for alleged wrongful conduct regarding pension advance loans. Under the Unfair Deceptive Abusive Acts and Practices (UDAAP), and New York's prohibitions against false...
  • August 14, 2015
    Agencies Take Action Against Citizens On Wednesday, August 12, 2015, the CFPB, FDIC and OCC entered into a consent order with Citizens Bank for allegedly failing to credit consumers the full amounts of their deposited funds. The agencies claim, between January 1, 2008 and November 30, 2013, the bank kept money from deposit discrepancies when receipts did not match the actual money transferred...
  • August 7, 2015
    Another Constitutionality Challenge Filed Against the CFPB PHH Corporation on Friday, June 26, 2015 filed a Motion for Stay Pending Judicial Review with the D.C. Circuit Court of Appeals (Court) seeking to stay a final action of the CFPB scheduled to take effect on Wednesday, August 5, 2015. On Monday, August 3, 2015, the Court granted PHH's motion, finding the company had "satisfied the...
  • July 31, 2015
    Inspector General Study on CFPB Complaint Portal Finds Inadequacies On Thursday, July 23, 2015, the Office of the Inspector General (OIG) for the CFPB and Federal Reserve Board finalized the Security Control Review of the CFPB’s Data Team Complaint Database. The OIG it will not release the full report due to the sensitive nature of the information, but instead published a summary of conclusions...

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