February 14, 2012 |
Your monthly mortgage bill soon could get easier to understand, and it wouldn't change each time your loan is sold to a new servicer. The Consumer Financial Protection Bureau has developed a proposed standardized mortgage servicer statement designed to provide clear information about the loan on a single page. The prototype released Monday included a breakdown of how much of the monthly payment went to principal, interest and escrow. The form also detailed the outstanding principal, maturity date, prepayment penalty and, for adjustable-rate mortgages, the time when the interest rate could change.
August 22, 2012 |
Even Wall Street has doubts about how the stock market is structured, according to a recent financial industry survey. The survey found that 26% of respondents from brokerages, hedge funds, vendors and other firms had "very weak" confidence in Wall Street's market structure, up from 3% in 2010. The survey -- by the TABB Group, a Wall Street research and consulting firm -- was conducted in early August following Knight Capital Group's trading debacle, in which a software glitch sent a flood of errant trades into the stock market and saddled the brokerage with a nearly fatal $440-million loss.
November 29, 2012 |
WASHINGTON -- People need to monitor more than just the three largest credit reporting companies, and some specialty firms that track rent payments, employment history and insurance claims aren't providing a free annual report as required by law, a federal regulator Thursday. The Consumer Financial Protection Bureau sent a bulletin to those smaller companies reminding them that they have to make it easy for consumers to obtain those free reports, including providing a toll-free number for requests.
April 19, 2012 |
WASHINGTON -- The head of the Consumer Financial Protection Bureau acknowledged there is a slim chance his controversial recess appointment could be overturned, according to an email obtained by a government watchdog group. "There is a chance (a minor chance in my view, though everyone is entitled to his or her own opinion) that the appointment would be invalidated by a court," Richard Cordray wrote to the agency's staff in a Feb. 6 email titled "Weekly Message. " The email came a little more than a month after President Obama installed Cordray as director with a recess appointment.
September 18, 2010 |
Harvard law professor Elizabeth Warren, appointed Friday to launch the new Consumer Financial Protection Bureau, likely won't be the agency's first official director, but she will have a major say in who gets the powerful job. Warren also will have a broader portfolio of duties, advising President Obama on "policies and programs that are designed to protect the financial interests of middle-class families," the White House said. Obama on Friday described Warren as "a janitor's daughter who's become one of the country's fiercest advocates for the middle class" and said she would have direct access to him from her senior White House position.
February 11, 2013 |
WASHINGTON -- About one in 20 consumers had significant errors on their credit reports that could cause them to pay more for auto loans and other financial products, according to a Federal Trade Commission report released Monday. The study also found that about 26% of the approximately 200 million people covered by the U.S. credit reporting industry had at least one "potentially material error" on one of their three credit reports. And four out of five people who took steps to fix errors with one of the three major credit reporting companies -- Experian Information Solutions Inc., Equifax Inc. and TransUnion -- got their credit report changed.
July 16, 2013 |
WASHINGTON -- The Senate on Tuesday cleared the way for Richard Cordray to be confirmed as director of the Consumer Financial Protection Bureau after Democrats and Republicans struck a tentative agreement to avoid a confrontation over the use of filibusters on presidential nominees. Senators voted 71-29 to halt debate on the nomination of Cordray, who already is serving as the bureau's director after a controversial recess appointment. The key procedural move, which required 60 votes, paves the way for Cordray to be confirmed as early as Tuesday with just a simple majority.
September 9, 2011 |
You can almost understand Republican lawmakers standing firm on matters of economic stimulus and debt reduction. Whether or not you agree with their positions, at least it can be argued that they're guided by good-old-fashioned conservative ideology. But when it comes to consumer protection, the Republicans are merely pandering to their deep-pocketed corporate cronies and opposing anything President Obama supports, no matter how reasonable or meritorious it may be. This week's confirmation hearing for Richard Cordray as head of the Consumer Financial Protection Bureau made clear that the GOP won't help beleaguered consumers until it's ensured that the new watchdog agency is more bark than bite.
July 22, 2010 |
President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task — appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals. The law dramatically toughens oversight of the industry, from Wall Street's executive suites to the Main Street storefronts of mortgage brokers and payday lenders. But it is the Consumer Financial Protection Bureau that will have the most direct effect on average Americans by creating rules to help ensure that bankers and other financial firms treat their customers fairly.
October 26, 2010 |
On the fifth floor of an office building near the White House, consumer advocate Elizabeth Warren has begun shaping the centerpiece of the recently enacted Wall Street reform law ? the Consumer Financial Protection Bureau. Both Warren and the new agency are controversial. Most Republicans and much of the financial industry opposed creation of the agency, which will have broad authority to write and enforce rules covering mortgages, credit cards and other consumer lending products.