Manufactured Housing Loan Borrowers Face Higher Interest Rates, Risks, and Barriers to Credit, New CFPB Report Finds

Today the Consumer Financial Protection Bureau (CFPB) published a report that provides new insights into manufactured housing financing, a vital source of lending for millions of manufactured housing homeowners.

Today the Consumer Financial Protection Bureau (CFPB) published a report that provides new insights into manufactured housing financing, a vital source of lending for millions of manufactured housing homeowners.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/manufactured-housing-loan-borrowers-face-higher-interest-rates-risks-and-barriers-to-credit/

CFPB Takes Action Against Company and its CEO for Deceptive Deposit and Loan Products

The Consumer Financial Protection Bureau (CFPB) today filed a proposed settlement against Driver Loan, LLC, and its CEO, Angelo Jose Sarjeant. If entered by the court, the settlement would require the defendants to refund about $1 million in deposits t…

The Consumer Financial Protection Bureau (CFPB) today filed a proposed settlement against Driver Loan, LLC, and its CEO, Angelo Jose Sarjeant. If entered by the court, the settlement would require the defendants to refund about $1 million in deposits to harmed consumers, stop deceptive practices, and pay a civil penalty.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-company-and-its-ceo-for-deceptive-deposit-and-loan-products/

CFPB Takes Action Against Auto Lender for Unfair Loss Damage Waiver Practices

The Consumer Financial Protection Bureau (CFPB) issued a consent order today against 3rd Generation, Inc., doing business as California Auto Finance (California Auto) for illegally charging interest for late payment on its Loss Damage Waiver (LDW) prod…

The Consumer Financial Protection Bureau (CFPB) issued a consent order today against 3rd Generation, Inc., doing business as California Auto Finance (California Auto) for illegally charging interest for late payment on its Loss Damage Waiver (LDW) product without its customers’ knowledge.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-auto-lender-for-unfair-loss-damage-waiver-practices/

Agencies Extend Comment Period on Request for Information on Artificial Intelligence

Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021.

Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/agencies-extend-comment-period-on-request-for-information-on-artificial-intelligence/

CFPB Takes Action Against Debt-Settlement Company for Charging Consumers Unlawful Fees

The Consumer Financial Protection Bureau (CFPB) requested today that a federal district court enter a final judgment and order that, if entered by the court, would require DMB Financial, LLC to pay consumers at least $5.4 million for charging unlawful …

The Consumer Financial Protection Bureau (CFPB) requested today that a federal district court enter a final judgment and order that, if entered by the court, would require DMB Financial, LLC to pay consumers at least $5.4 million for charging unlawful fees and failing to provide required disclosures to its customers, and a civil penalty. The CFPB alleges that DMB’s actions violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA).

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-debt-settlement-company-for-charging-consumers-unlawful-fees/

Prepared Remarks of Acting Director Dave Uejio at the National Association of Attorneys General Spring Consumer Protection Conference

Acting Director Dave Uejio remarks at the National Association of Attorneys General Spring Consumer Protection Conference.

Acting Director Dave Uejio remarks at the National Association of Attorneys General Spring Consumer Protection Conference.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-of-acting-director-dave-uejio-at-the-national-association-of-attorneys-general-spring-consumer-protection-conference/

CFPB Issues Reports Detailing Mortgage Borrowers’ Continuing COVID-19 Challenges

The Consumer Financial Protection Bureau (CFPB) released two reports today showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.

The Consumer Financial Protection Bureau (CFPB) released two reports today showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-reports-detailing-mortgage-borrowers-continuing-covid-19-challenges/

Consumer Financial Protection Bureau and Federal Trade Commission Put Nation’s Largest Landlords on Notice About Tenants’ Pandemic Protections

Today, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own mor…

Today, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own more than 2 million units.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-federal-trade-commission-put-nations-largest-landlords-on-notice-about-tenants-pandemic-protections/

Prepared Remarks of Acting Director Dave Uejio for the Asian Real Estate Association of America Housing and Diversity Conference

Acting Director Dave Uejio remarks at the Asian Real Estate Association of America Housing and Diversity Conference.

Acting Director Dave Uejio remarks at the Asian Real Estate Association of America Housing and Diversity Conference.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-of-acting-director-dave-uejio-for-the-asian-real-estate-association-of-america-housing-and-diversity-conference/

CFPB Consumer Complaint Bulletin Examines County-Level Demographic Data

Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.

Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-consumer-complaint-bulletin-examines-county-level-demographic-data/