CFPB and State of Maryland Take Action Against “Pay-to-Play” Mortgage Kickback Scheme

FOR IMMEDIATE RELEASE: April 29, 2015 CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU AND STATE OF MARYLAND TAKE ACTION AGAINST “PAY-TO-PLAY” MORTGAGE KICKBACK SCHEME Loan Officers and Former Title Company Executives Who Traded Cash and Marketing Services for Illegal Referrals Will Be Banned, Pay Redress and Penalties   WASHINGTON, D.C. — Today…

CFPB Fines Regions Bank $7.5 Million for Unlawful Overdraft Practices

FOR IMMEDIATE RELEASE: April 28, 2015 CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU FINES REGIONS BANK $7.5 MILLION FOR UNLAWFUL OVERDRAFT PRACTICES Bank Refunds $49 Million in Illegal Fees to Consumers Who Did Not Opt-In to Overdraft   WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Regions…

CFPB and Federal Trade Commission Take Action Against Green Tree Servicing for Mistreating Borrowers Trying to Save Their Homes

Green Tree to Pay $48 Million in Borrower Restitution and $15 Million Fine for Servicing Failures WASHINGTON, D.C.– Today, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) took action against Green Tree Servicing, LLC, for mistreating mortgage borrowers who were trying to save their homes from foreclosure. The mortgage servicer failed…

CFPB Announces New ‘Know Before You Owe’ Mortgage Shopping Toolkit

FOR IMMEDIATE RELEASE: March 31, 2015 CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU ANNOUNCES NEW ‘KNOW BEFORE YOU OWE’ MORTGAGE SHOPPING TOOLKIT “Your Home Loan Toolkit” Will Help Consumers Be Informed Mortgage Shoppers   Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a new toolkit that guides consumers through…

NAILTA joins PRODA and files Amicus brief in current litigation against MERS

    National Association of Independent Land Title (NAILTA) has joined with the Pennsylvania Recorder of Deeds Association (PRODA) to file an Amicus brief on behalf of NAILTA and in support of the Montgomery County Recorder’s Office in their current litigation against MERS. Nancy Becker, Montgomery County Recorder and supporter of NAILTA, requested we file an…

CFPB Finalizes Policy to Give Consumers the Opportunity to Voice Publicly Complaints About Financial Companies

FOR IMMEDIATE RELEASE: March 19, 2015 CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU FINALIZES POLICY TO GIVE CONSUMERS THE OPPORTUNITY TO VOICE PUBLICLY COMPLAINTS ABOUT FINANCIAL COMPANIES Consumers Can Now Opt-In to Share Complaint Narratives in CFPB’s Public Database   WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is finalizing…

CFPB Study Finds That Arbitration Agreements Limit Relief for Consumers

March 10, 2015 WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau released a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. The report found that, in the consumer finance markets studied, very few consumers individually seek relief through arbitration or the federal courts, while…

CFPB Takes Action Against NewDay Financial for Deceptive Mortgage Advertising and Kickbacks

The CFPB has taken another action against – NewDay Financial, LLC  – for deceptive mortgage advertising and kickbacks.   In short, NewDay deceived consumers about a veterans’ organization’s endorsement of NewDay products and also participated in a scheme to pay kickbacks for customer referrals.    The CFPB has fined NewDay a $2 million civil money penalty for its actions. Click here…