Consumer Financial Protection Bureau (CFPB)
COVID-19 Worsens Debt Collector Harassment
November 12, 2020
As the final days of the 2020 election season drew to a close, major media across the nation focused on polls and prospects for the presidential candidates. At the same time, scant news coverage reported on a development affecting 68 million consumers: debt collection regulation. ...
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Supreme Court Decision Jeopardizes CFPB’s Future and its Independence
July 9, 2020
A June 29 U.S. Supreme Court split decision represents a major setback to both the Consumer Financial Protection Bureau (CFPB) and the consumers who have come to rely upon the agency. Since 2010, more than 25 million consumers were helped by the agency’s efforts that returned over $11 billion.
Although the case known as Seila Law v. Consumer Financial Protection Bureau, was argued on March 3 of this year, its origins date back to 2017 when Seila Law, a California-based debt relief firm, asked the CFPB to set aside a civil investigative demand (CID) that sought information to determine whether it was engaged in illegal debt relief practices. ...
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Housing Discrimination Complaints Reach a 24-Year High, While HUD Rolls Back Fair Housing Rules
November 21, 2019
As a candidate, President Donald Trump promised if elected that deregulation of the federal government would be an administration priority. Soon after taking the oath of office, he issued an executive order requiring that all departments and agencies to eliminate two existing regulations for every one new regulation proposed. In some cases, rules that were adopted prior to his term office but had not yet taken effect were either suspended or delayed. ...
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Education Department Helps Loan Servicers Instead of Borrowers
February 28, 2019
In an increasingly competitive global economy, highly skilled workers have a sharp advantage in securing and keeping employment. And as technological advances result in life-long learning in many occupations, many worker-students turn to federal student aid, the largest source of funding for higher education, to expand and/or hone their value in the marketplace. ...
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Homeowner Bill of Rights: Protecting Families from Life’s Financial Storms
October 4, 2018
In recent weeks, multiple news sources have reported on the 10-year anniversary since the onset of the nation’s foreclosure crisis. Between 2007 and 2011, 10.9 million homes went into foreclosure, with 8 million completing that process. Additionally, $1.95 trillion in lost property value affected both families who lost their homes to foreclosure, as well as their nearby neighbors who remained in their homes. ...
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New National Poll Finds Consumers Still Want Financial Regulation
August 9, 2018
The 2018 poll, conducted by Lake Research Partners and Chesapeake Beach Consulting, found that among respondents more than 90 percent viewed regulation of financial services to be very important, and registered support across partisan affiliations. Among Republicans, 85 percent supported regulation, compared to 92 percent of independents and 96 percent of Democrats. ...
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State AGs to DeVos: Work with, Not Against, State Law Enforcement
July 26, 2018
Starting last summer, student loan servicers like Navient have been lobbying DeVos to shield them from liability for their practices. And it’s worked. Despite objections from a bi-partisan group of Attorneys General (AGs), the National Association of Governors, and the Conference of State Bank Supervisors, DeVos and the Department of Education have increasingly made it more difficult for state and federal law enforcement agencies to do their jobs by retracting information sharing agreements with the Consumer Financial Protection Bureau (CFPB) and instructing servicers not share student loan information with state law enforcement and banking supervisors. ...
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Mick Mulvaney Turns Away from Consumers to Help Payday Lenders
July 19, 2018
The unfortunate result for citizens is that we’re just not getting any value from this key office these days. The Dodd-Frank Consumer Protection and Wall Street Reform Act is clear as to the responsibilities given to CFPB. Under the previous director, billions of dollars were returned to consumers for a host of illegal and deceptive acts by predatory financial institutions. These achievements were accomplished with the support of a dedicated staff. ...
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