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CFPB fines four California credit repair companies for misleading consumers

Today, the CFPB issued a press release announcing that it filed two complaints and a proposed final judgment in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, and Park View Law. According to the Bureau, the four California-based credit-repair companies misled consumers and charged illegal upfront fees for so-called credit [...]

By | 2017-06-27T21:54:41+00:00 June 27th, 2017|CFPB Enforcement, Debt Relief, Enforcement Action|0 Comments

Trade associations want bipartisan commission to run CFPB

On June 22, 2017, over 20 trade associations signed a joint letter to the Chairmen and Ranking members of the Senate and House Appropriations Committees urging Congress to pursue legislation that would allow a bipartisan commission to lead the CFPB. In their letter, the associations write that “a Senate confirmed, bipartisan commission leading the [...]

By | 2017-06-27T00:08:34+00:00 June 26th, 2017|Politics|0 Comments

The case for overhauling the CFPB

Earlier this month, the Treasury Department issued a report with recommendations designed to ease regulations imposed on the financial services industry by restructuring major provisions of the Dodd-Frank Act, which was passed in 2010 in response to the financial crisis. The report came less than a week after the House passed the Financial CHOICE [...]

By | 2017-06-26T23:18:42+00:00 June 26th, 2017|CFPB Enforcement, CFPB Rulemaking, Politics|0 Comments

Rumor: Arbitration rule coming in July, Cordray to leave CFPB

Last December, the CFPB released it Fall Unified Regulatory Agenda which outlined the Bureau’s regulatory priorities for the subsequent six months. In their semi-annual regulatory agenda, the CFPB set a February 2017 target to issue its final arbitration rule. It is nearly July and the CFPB still has not issued the rule. Most observers [...]

By | 2017-06-24T15:36:57+00:00 June 24th, 2017|Arbitration, Politics|0 Comments

Mortgage relief law firm to pay CFPB $39 million in settlement

On Wednesday, a Wisconsin federal judge approved a $39 million judgment against a now-defunct mortgage assistance relief law firm. The settlement resolves CFPB claims that The Mortgage Law Group LLP took advantage of struggling homeowners by tricking them into pay significant fee for loan modification assistance and other services that they never received. The [...]

By | 2017-06-24T15:40:46+00:00 June 23rd, 2017|Legal Developments, Mortgages|0 Comments

TransUnion to pay $60M for FCRA violations

A California federal jury found Tuesday that TransUnion, one of the nation’s three largest credit reporting agencies, violated the Fair Credit Reporting Act (FCRA) when it incorrectly conflated a class of consumers with similarly named terrorists and criminals from a government watch list. The jury awarded statutory and punitive damages exceeding $60 million, the [...]

By | 2017-06-21T22:09:57+00:00 June 21st, 2017|Credit Reporting Agencies, Legal Developments|0 Comments

Cordray responds to accusations that CFPB botched Wells Fargo investigation

On June 6, 2017, the House Financial Services Committee issued a report criticizing CFPB Director Richard Cordray for the Bureau’s handling of the Wells Fargo fake account scandal. Republican Committee members allege in the report that Cordray lied about the Bureau’s involvement in the investigation during April testimony before Congress and that the CFPB [...]

By | 2017-06-16T20:03:29+00:00 June 16th, 2017|CFPB Enforcement, Politics|0 Comments

Treasury Department report recommends CFPB overhaul

The Treasury Department released its report on reforming financial regulations on Monday evening. The report, entitled “A Financial System that Creates Economic Opportunities” recommends limits on the CFPB and a reassessment of various banking rules. The Treasury Department prepared the highly-anticipated report after President Trump issued an executive order in February mandating that the [...]

By | 2017-06-13T22:26:43+00:00 June 13th, 2017|CFPB Rulemaking, Politics|0 Comments

House approves bill to overhaul Dodd-Frank

On June 9, the House of Representatives pass the Financial CHOICE Act in a party-line vote of 233-186. The bill would repeal and replace many of the financial regulations put in place by the Dodd-Frank Act and includes an overhaul of the CFPB’s structure and power while proposing significant changes to the Bureau’s rulemaking [...]

By | 2017-06-13T23:54:44+00:00 June 12th, 2017|CFPB Rulemaking, Politics|0 Comments
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