The Consumer Financial Protection Bureau has a hotline for complaints, as well as a process to lodge complaints at their website. They have begun to release those complaint reports, and here’s a giant surprise: the plurality of the complaints are on mortgage issues.
|By: David Dayen Tuesday July 31, 2012 7:55 am|
|By: David Dayen Friday July 20, 2012 3:50 pm|
The Consumer Financial Protection Bureau has delivered a report to the Senate Banking Committee on the rise of the private student loan industry. This industry took a hit after 2010, when the Affordable Care Act included a provision that ended the practice of private banks administering student loans guaranteed by the government, and just had the government issue the loans themselves. Private student debt origination grew from $5 billion in 2001 to $20 billion in 2008, but after the 2010 law, the market contracted to under $6 billion. The recession and tightening credit standards also had something to do with that.
But those loans from 2001 to 2008 are still out there, for the most part, particularly from the 2005-2007 period. And just like in the housing bubble, this period was characterized by reduced underwriting standards and a kind of “subprime” market.
|By: David Dayen Wednesday July 18, 2012 10:40 am|
In a proof of concept one year after the standing up of the agency, the Consumer Financial Protection Bureau announced an enforcement action that will give consumers a full refund on illegal credit card fees extracted by Capital One.
|By: David Dayen Tuesday July 10, 2012 6:32 pm|
The Consumer Financial Protection Bureau first put out a “Know Before You Owe” draft mortgage statement several months ago. It attempted to convey, in one page, all the information a prospective mortgage purchaser would need to make an informed decision about the fee schedule, terms of the mortgage and closing costs, and to be able to compare different mortgage products. It’s now up to three pages, but still worthwhile.
|By: David Dayen Friday June 22, 2012 3:11 pm|
At some point, either the Consumer Financial Protection Bureau or the National Labor Relations Board were bound to issue a ruling that the subjects affected didn’t like, and they would resort to claiming that the recess appointments were unconstitutional, and therefore the rulings handed down inapplicable and illegitimate. It took a bit longer than I thought, but we finally saw that today.
|By: David Dayen Tuesday June 19, 2012 1:50 pm|
The Consumer Financial Protection Bureau has launched a new service that publicly discloses complaints from credit card consumers, opening up what was previously a closed complaint process.
|By: David Dayen Thursday May 10, 2012 7:34 am|
It’s rare that I’ll put forward an optimistic post about a mid-level federal agency hire. But that’s what I’m about to do. The Consumer Financial Protection Bureau just hired the man who knows more about MERS – and their deficiencies – than perhaps anyone in the country. University of Utah Law Professor Christopher Peterson will join the bureau.
|By: David Dayen Friday April 13, 2012 12:13 pm|
Here’s the first real disappointment from the Consumer Financial Protection Bureau.
|By: David Dayen Wednesday March 21, 2012 7:11 pm|
In a rare moment of disagreement among major federal agencies, the Consumer Financial Protection Bureau has found in its preliminary research of student debt that the problem is even greater than they at first surmised. A speech before the Consumer Bankers Association by Rohit Chopra, the student loan ombudsman for the agency, termed the student [...]
|By: David Dayen Wednesday February 29, 2012 11:45 am|
Another income stream has opened for the banks: debit cards to deliver benefits. Banks issue the debit cards, which allow recipients to access welfare or unemployment benefits, and they make a small profit on fees from the services. Now Bank of America has a non-bid contract from South Carolina to have you use their debit cards, for a fee, for your tax returns.