CFPB Out of Bounds on Recent Exams, Misused Resources

At a time when the CFPB is getting accustomed to a new director, the CFPB has been found to have gone outside its examination authority, according to the Office of the Inspector General (OIG). According to a report released in March, OIG identified instances in which the Consumer Financial Protection Bureau (CFPB) examined financial service […]

CFPB Director: Bureau Seeks to ‘Prevent Harm,’ Use Enforcement Cautiously

The primary mission of the Consumer Financial Protection Bureau (CFPB) under its new director, Kathleen L. Kraninger, will be in focusing on preventing harm to consumers by empowering them, educating them, ensuring clear rules by which financial institutions should operate, and ensuring a culture of compliance through supervision. This was the vision laid out by […]

CFPB: Low Reverse Mortgage Presence Among Elder Financial Abuse Reports

Elder financial exploitation (EFE) occurs due to a wide range of perpetrators, from close family members to offshore scammers. Only one in 44 EFE incidents are actually reported to authorities, and annual dollar losses range from $2.9 billion to $36 billion. However, less than one percent of reported EFE between 2013 and 2017 involved reverse […]

CFPB Announces ‘Enhancements’ to Advisory Committee Charters

The Consumer Financial Protection Bureau (CFPB) announced Thursday that it will be “enhancing” its charters concerning advisory committees, which provide information to the bureau on a number of different business sectors that the agency oversees. “I’ve seen first-hand how the Bureau benefits from the valuable input provided by committee members. I have also seen how […]

CFPB Exam Points to Potential Reverse Mortgage Servicing Problems

The Consumer Financial Protection Bureau (CFPB) released the 18th edition of its Supervisory Highlights on Tuesday, which includes examinations of reverse mortgage loan and manufactured home loan servicers. CFPB examinations yielded information concerning activities which either appeared to result in deceptive practices or resulted in violations of Federal consumer financial laws. The document also includes […]

CFPB Director Kraninger Takes Hot Seat at House Committee Hearing

New Consumer Financial Protection Bureau (CFPB) Director Kathleen L. Kraninger testified Thursday morning before the House Financial Services Committee, answering pointed questions from Democratic and Republican politicians concerning the oversight of the agency. In a hearing titled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau,” Democratic members of Congress led by […]

CFPB Warns of ‘Quadrupled’ Reports of Elder Financial Abuse

The Consumer Financial Protection Bureau (CFPB) is warning of reported widespread financial abuse of seniors ranging in sources from offshore scammers to immediate family members. The agency detailed its findings in a new blog at the agency’s website, and has released a dedicated report to inform the public about the rampancy of the issue. In […]

CFPB Prompts Americans to ‘Start Small, Save Up’

The Consumer Financial Protection Bureau (CFPB) announced a new “Start Small, Save Up” initiative this week, in order to try and better prepare Americans for the endurance of unexpected expenses via an emergency fund, as well as the necessity of saving money for the future. The initiative, “offers tips, tools and information to help consumers […]

Politico: FHA Official to Join CFPB Mortgage Office

Federal Housing Administration (FHA) official Patricia McClung will head to the Consumer Financial Protection Bureau (CFPB) as assistant director for mortgage markets, two industry sources tell Politico Morning Money in a recent article. McClung will replace Peter Carroll, who played an important role in shaping new mortgage rules that went into effect January. Carroll now serves […]