We’re announcing an enforcement action against a lender that wrongfully used the logos of the Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA). RMK Financial Corporation (also doing business as Majestic Home Loans) sent out ads to veterans and other VA-eligible borrowers that misled consumers to think that RMK’s products were endorsed [...]
Former Treasury Secretary Larry Summers, who sits on Lending Club's board, said in a speech Wednesday that such technology-focused marketplace lenders should be given a fair chance to compete. News
Today, we’re expanding the Your Money, Your Goals toolkit. This toolkit is a comprehensive and interactive guide designed for organizations that serve low-income consumers. It covers topics like budgeting for daily expenses, managing debt, and avoiding common financial traps. We’re releasing three versions of the toolkit for: Organizations that engage volunteers Legal aid organizations Workers [...]
Millions of consumers will now be able to receive the credit scores and credit reports that nonprofit credit counselors purchase on their behalf. Nonprofit organizations that offer credit counseling, housing counseling, and other financial counseling services buy credit reports and scores for the consumers they serve. These reports and scores help counselors engage in constructive [...]
Negative attitudes in Washington toward the mortgage industry are starting to thaw, yet devising Fannie Mae and Freddie Mac's exit from conservatorship or charting the future of housing finance reform still will be tough. News
Today, we held a field hearing on payday lending in Richmond, Va. The hearing featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The live event has now ended, but we’ll have a recording available here soon. Consumer Financial Protection Bureau
We often hear many questions about how the rulemaking process works. We decided to write a series of posts that explain some key parts of the rulemaking process. We’ll add to the series in the coming weeks and months. Before we propose a rule, we’re sometimes required to organize a Small Business Review Panel so [...]
Consumer Financial Protection Bureau Director Richard Cordray said a review of its "qualified mortgage" rule will allow enough time to consider changes if lawmakers fail to make progress on housing finance before a key deadline. News
CFPB officials are keeping a close watch on the Qualified Mortgage and ability-to-repay rules to gauge whether further changes should be made. But mortgage numbers don't give a clear picture on what kind of impact they've had. News
Since we started accepting complaints in July 2011, we have handled more than 550,000 from people all over the country about problems in the financial marketplace. These complaints help us understand the problems you face and focus our efforts to protect consumers like you. While you can see hundreds of thousands of these complaints in [...]
