Mortgage Insurers Funneled Kickbacks to Lenders, Alleges CFPB
On Thursday, the Consumer Financial Protection Bureau filed complaints against four mortgage insurers who the CFPB claimed had paid millions in kickbacks to mortgage lenders.
Richard Cordray
Mary Jo White Promises 'Unrelenting' Enforcement at SEC
Mary Jo White vowed Tuesday to make "bold and unrelenting" enforcement of Wall Street a high priority if she is confirmed chairman of the Securities and Exchange Commission.
Obama to Tap Former Federal Prosecutor Mary Jo White to Head SEC
President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission (SEC), a White House source said, restoring the agency's power to work on its overhaul of Wall Street.
CFPB Unveils New Federal Rules to Curb Risky Mortgages
The Consumer Financial Protection Bureau is laying out the nation's first rules aimed at ensuring that mortgage borrowers can afford the loans they take out. Among the new regulations are bans on the risky "interest-only" and "no documentation" loans that helped inflate the housing bubble.
CFPB Complaint Site Takes on Credit Report Issues, Too
The Consumer Financial Protection Bureau's complaint website already gave Americans a way to seek redress over problems with credit cards, mortgages, bank accounts, auto or personal loans, even student loans. Now, it's also ready to help us deal with credit reporting agencies.
American Express Paying $112.5 Million in Late-Fee Settlements
American Express is paying $112.5 million in refunds and fines to settle regulators' accusations that it charged unlawful late fees and deceived customers to pressure them to pay off old debts or buy extra credit card services.
Stay-at-Home Spouses Will Once Again Get the Credit They Deserve
The consumer-friendly CARD Act is saving credit card holders hundreds of millions of dollars and almost as many headaches, but it has some flaws. For example, it made life more difficult for roughly 5 million stay-at-home spouses by making it hard for them to get credit. That's going to change soon.
Consumer Finance Bureau Floats New Rules for Mortgage Servicers
The government's consumer lending watchdog proposed new rules Friday aimed at protecting homeowners from unexpected costs and shoddy service by companies that collect their monthly mortgage payments.
Dealing With Your Credit Report Just Got a Lot Easier
It has never been more important to have good credit, but it's no easy task to go against the ratings agencies when your credit report is wrong. Now though, you have an ally in your corner: The Consumer Financial Protection Bureau.
Study: Private Student Loans Parallel Subprime Mortgage Lending
Risky lending caused private student loan debt to balloon in the past decade, leaving many Americans struggling to pay off loans that they can't afford, a government study says.
How You Can Benefit From the Capital One Settlement
The Capital One Financial settlement with U.S. regulators over deceptive marketing of credit card "add-on products" means a lot to all consumers, not just Capital One customers, according to consumer advocates.
Capital One to Refund Customers $150 Million to End Card Probe
Capital One Bank will pay $210 million to settle charges that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring. About $150 million of that fine will go directly to 2.5 million of its customers.
Consumer Bureau to Supervise Credit Reporting Agencies
Credit reporting agencies will soon be subject to federal oversight for the first time. The Consumer Financial Protection Bureau announced Monday that it will begin supervising the nation's biggest consumer reporting agencies this fall.
Consumer Watchdog Weighs Limits to Mortgage Fees
Regulators might ban origination fees that vary with the size of the loan, known as "origination points." They also might limit the use of "discount points" that are supposed to result in lower interest rates.
Consumer Agency Softens Credit Card Fee Limit
The Obama administration's consumer financial watchdog agency is backing off a plan to limit big upfront fees on credit cards. The Consumer Financial Protection Bureau acknowledged Thursday that its proposal would increase costs for cardholders and allow banks to charge more in fees.
CFPB Boosting Budget, Oversight Duties
The Consumer Financial Protection Bureau is pumping up its budget for 2013, in part because it will start regulating large debt collectors and credit reporting companies, two sectors of that have heretofore had little federal oversight.
State of the Ecomony: 3 Things Obama Will Focus On
In tonight's State of the Union, President Obama faces a tough crowd: Millions of Americans unsure about whether he should keep his job. He'll be aiming to win hearts and minds, and at least part of that will be an appeal to our wallets. With that in mind, here are three key points that he is likely to hammer home tonight:
Obama Bucks GOP, OKs Consumer Watchdog
In a defiant display of executive power, President Barack Obama on Wednesday will buck GOP opposition and name Richard Cordray as the nation's chief consumer watchdog even though the Senate contends the move is inappropriate, senior administration officials told The Associated Press.
What New Consumer Agency Will Do for You
On Thursday, the Consumer Financial Protection Bureau officially opens for business. Even as the political fight continues over just how potent the agency will be, at root, its mission is to make clear the prices and risks of financial products and services. Here's where it will focus its early effort.
Legal Briefing: AIG to Pay $725 Million Fraud Settlement, Eventually
In the settlement of a lawsuit that predates the financial meltdown, AIG has agreed to pay shareholders $725 million for years of fraudulent practices that led to investors loosing money on the stock. But they only get $175 million up front. The rest, they may wind up getting in shares of AIG.