March 24, 2014 |
WASHINGTON - Four out of five people who take out a short-term payday loan either roll it over or take out another one within two weeks, pushing them into a cycle of debt, according to a report to be released Tuesday by the Consumer Financial Protection Bureau. Nearly a quarter of borrowers - 22% - renewed the loan at least six times, causing them to end up paying more in fees than they originally borrowed, the bureau said in an analysis of 12 million loans made by storefront payday loan companies.
February 9, 2014 |
WASHINGTON - Got problems with the company that services your home mortgage - the one that collects your payments, keeps track of your escrow account and lets you know when you're late? So your monthly numbers don't look right? You got blown off by servicing personnel when you tried to get inaccuracies in your account corrected? Well, move over. You've got lots of grumpy company. As of Jan. 31, just under half of the 187,818 complaints filed with the federal watchdog Consumer Financial Protection Bureau concerned mortgage foul-ups, and the vast majority of these involved servicing, loan modification and foreclosure activities by servicers.
January 12, 2014 |
WASHINGTON - The federal government has a real estate question for consumers who have bought or refinanced homes that's certain to generate more than an earful: Were there any problems when you went to close the deal? Any last-minute glitches or surprises that delayed the settlement, required unexpected negotiations or, worst of all, blew up the sale or refinancing? Did you get your settlement sheet in advance so that you could review the documents intelligently? Were there any errors or discrepancies that popped up - charges that were considerably higher than you had expected, loan-related fees or an interest rate that differed from what you thought you had signed up for?
December 24, 2013 |
Three American Express Co. subsidiaries have agreed to pay about $75 million in restitution and penalties for a variety of illegal practices involving hundreds of thousands of credit-card customers, regulators said Tuesday. American Express Travel Related Services Co. Inc., American Express Centurion Bank and American Express Bank were accused of unfair billing practices and deceptive marketing of add-on products, such as payment protection and credit monitoring. The Consumer Financial Protection Bureau ordered the companies to return $59.5 million to more than 335,000 customers.
December 2, 2013 |
Students who get the runaround from companies handling their college loans soon may get help from the federal government. The Consumer Financial Protection Bureau said it will begin regulating the nation's largest student-loan servicing firms, which manage student accounts, process monthly payments and respond to borrower questions. Though they don't make the loans, the companies are the main point of contact for borrowers. They effectively serve as gatekeepers that have enormous influence over requests for deferments or loan modifications.
November 29, 2013 |
WASHINGTON - As they prepared to launch the Consumer Financial Protection Bureau in early 2011, Obama administration officials settled on its permanent headquarters: a vacant government building a block away from the White House. They planned to turn the former home of the defunct Office of Thrift Supervision into a showplace befitting the first new federal agency created in decades to focus specifically on protecting American consumers. The 35-year-old building would be renovated to include a state-of-the-art public lobby with "interactive kiosks and 21st century learning centers," Sen. Elizabeth Warren (D-Mass.)