CFPB Offers Guide for Avoiding COVID-19 Senior Scams

The Consumer Financial Protection Bureau (CFPB) has provided guidance for senior consumers on how to best avoid scams stemming from renewed efforts by bad actors in the midst of the COVID-19 coronavirus pandemic. Representatives from the Bureau, the Federal Trade Commission (FTC) and the Department of Health and Human Services (HHS) went over these practices […]

CFPB Announces New Members of Advisory Committees

The Consumer Financial Protection Bureau (CFPB) announced the appointment of new members to four of its advisory boards including the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). They will advise CFPB leadership on issues related to both market trends and emerging consumer financial […]

New HMDA Data Dives Deeply Into Reverse Mortgages, Top 10 Lenders

The Consumer Financial Protection Bureau (CFPB) has released its updated review and analysis of data disclosed in 2019 by the Home Mortgage Disclosure Act (HMDA) in an effort to better understand the landscape of the mortgage market. The new analysis features extensive amounts of mortgage information disclosed by financial institutions, and features a lot of […]

Reverse Mortgage Complaints to CFPB Slow During Pandemic

The amount of consumer complaints to the Consumer Financial Protection Bureau (CFPB) related to the reverse mortgage product category have slowed since the beginning of the national emergency stemming from the COVID-19 coronavirus pandemic, RMD has learned. When averaged out to the amount of complaints received per month, the figure is lower than the typical […]

CFPB Director: More Enforcement is Coming in 2020

Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger indicated to lawmakers at a Senate Banking Committee hearing last week that enforcement actions in 2020 are expected to increase from their current levels by the end of the fiscal year, according to testimony provided by the director herself. Sitting as the primary witness in a hearing […]

CFPB Director, Sen. Warren Spar Over Mortgage Servicing in Virtual Hearing

As the COVID-19 pandemic has created additional strain on the American financial system in addition to driving millions of working people out of employment, the Consumer Financial Protection Bureau (CFPB) has failed to adequately respond to the needs of working Americans at a time in which assistance is sorely needed. This was the contention that […]

How Recent CFPB Enforcement Could Affect Reverse Mortgages

Due to a recent enforcement action taken by the Consumer Financial Protection Bureau (CFPB) against a non-depository mortgage lender, the reverse mortgage industry may be able to take some lessons concerning its own compliance posture, according to an interview with a legal specialist conducted by RMD. Earlier this month, the CFPB issued an enforcement action […]

CFPB Upgrades Complaint Database For Easier Reverse Mortgage Data Access

The Consumer Financial Protection Bureau (CFPB) announced on Friday that it has enhanced its previously controversial Consumer Complaint Database, providing additional information and context to new submissions. This allows reverse mortgage industry stakeholders to more clearly examine complaints specific to the product category, and to compare them with the broader figures of the data in […]

CFPB: Seniors in Better Savings Position Than Younger Generations

Consumers at or over the age of 62 reported less difficulty in paying for a bill or expense, though other factors including household income and whether or not they live in metropolitan areas also affected the standing of a person’s savings. This is according to the “Making Ends Meet Survey” conducted by the Consumer Financial […]

Supreme Court Rules CFPB Director Structure Unconstitutional, Keeps Agency Intact

The President of the United States has the authority to fire the CFPB director with or without cause, though the Bureau itself is remaining intact, the United States Supreme Court decided Monday. Provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act requiring the single director the Consumer Financial Protection Bureau (CFPB) only be […]