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Consumer Financial Protection bureau



  • 2005 Bankruptcy Reforms “Failed Miserably” to Help Students

    It’s official, bankruptcy reform in 2005 totally sucked for people with private student loans. Academic research shows lenders won and consumers lost. Here is the abstract from a paper in the Harvard Law & Policy Review by...

    • Posted May 1, 2018
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  • Judge Calls BS On Navient in Suit by Government Watchdog to Protect Student Loan Borrowers

    The behemoth student loan originator and servicer Navient was sued by the Consumer Financial Protection Bureau (CFPB) for basically providing bad service and advice to six million student loan debtors it is contracted to serve for the...

    • Posted August 8, 2017
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  • Posting Consumer Complaints About Credit Card Companies Increases Consumer Satisfaction With Bank

    An interesting academic paper out which studies Consumer Financial Protection (CFPB) complaint reporting found the reporting assisted both consumers and the credit card companies. The investigation looked at the results of public reporting of complaints and found...

    • Posted June 7, 2017
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  • Navient Sued by CFPB for Failing All Student Loan Borrowers

    Today the Consumer Financial Protection Bureau (CFPB) is suing the nation’s largest servicer of both federal and private student loans for systematically and illegally failing borrowers at every stage of repayment. For years, Navient, formerly part of...

    • Posted January 18, 2017
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  • Paymap and LoanCare Nailed for Stupid Simple Reason

    Yesterday the Consumer Financial Protection Bureau announced they took action against companies that sold consumers on an equity accelerator program. Typically these programs make payments every two weeks instead of once a month and that gives people...

    • Posted July 29, 2015
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  • Did the CFPB Just Totally Blow Off CCCS and NFCC?

    I could not help but notice an absence of some familiar faces in an announcement by the Consumer Financial Protection Bureau (“CFPB”) today on financial education. The CFPB announced an inspired national project to help those most...

    • Posted July 30, 2014
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  • Government Agencies Request Banks Be Gentle With Borrowers

    The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, and National Credit Union Administration are all asking banks and lenders to be...

    • Posted October 9, 2013
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  • Think You Might Owe the CFPB Money in Penalties? Read This.

    Tomorrow the CFPB will publish final rules regarding the collection of money owed to the Consumer Financial Protection Bureau. It is very possible that fines levied against companies and individuals will fall under the rules. With tougher...

    • Posted July 10, 2013
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  • August 2, 2013 is the Day for the New Debt Relief Industry

    I wrote extensively about the new coverage by the Consumer Financial Protection Bureau of rules that regulate the debt relief industry. See Here It Comes. CFPB Supervision of Debt Relief Industry and Credit Counseling. The new rules...

    • Posted July 4, 2013
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  • Obama or Romney: Which One is Better for Debtors

    With the 2012 presidential election coming up and the choice left to either sitting President Barack Obama or Republican nominee Mitt Romney, anyone concerned about their personal finances might want to look at the positions of the...

    • Posted September 4, 2012
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  • Debt Collectors and Credit Bureaus to Report to the Consumer Financial Protection Bureau

    The CFPB has just announced they will be rolling out new proposed rules that will regulate consumer debt collection and consumer reporting markets. Proposed rules would mark the first time these important markets would be subject to...

    • Posted February 16, 2012
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  • Will Proposed Government Programs Really Help Homeowners?

    by Cora Currier ProPublica The Obama administration has recently unveiled a string of proposals to help struggling homeowners and get the housing market back on its feet2014 part of the administration’s “We Can’t Wait” election year to-do...

    • Posted February 14, 2012
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  • FTC And CFPB Pledge To Work Together To Protect Consumers

    It was announced today that the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have signed an agreement to coordinate efforts to protect consumers in an effort to avoid duplication of federal law enforcement...

    • Posted January 23, 2012
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  • CFPB Still Moving Ahead. Enforcement and Supervision Imminent.

    Yesterday was the last Congressional hearing I’m aware of prior to the July 21, official launch date for the Consumer Financial Protection Bureau (CFPB). There was tension that House Republicans would roll back the scope and authority...

    • Posted July 15, 2011
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  • Credit Counseling Against Registration of Debt Relief Providers? Huh?

    In what is another of the ultimate ironies of nonprofit charitable credit counseling, it appears that at least two trade associations feel nonprofit credit counselors should not have to participate in any national registration of debt relief...

    • Posted July 14, 2011
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  • CFPB is Looking for Public Comments on Debt Relief Industry

    Last week I had the pleasure of visiting the Consumer Finance Protection Bureau (CFPB) in Washington, DC. to meet with staff and attend a planning session. Elizabeth Warren started the meeting with an introduction and left the...

    • Posted July 11, 2011
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  • Consumer Financial Protection Bureau. Amazing Website. Loaded for Bear.

    The new Consumer Financial Protection Bureau (CFPB) website is up and interested people can subscribe to updates by visiting it. Visit consumerfinance.gov. Even from their featured logo you can tell they plan to be the cop on...

    • Posted February 11, 2011
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  • What Elections Could Do to Financial Regulations

    by Marian Wang, ProPublica As Americans go to the polls today, their votes will influence a number of issues that we’ve been watching, whether it be the foreclosure scandal or implementation of financial regulation and healthcare reform–some...

    • Posted November 2, 2010
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  • What About S.3264 Passing? What Are The Odds?

    David sent in the following question: Hello Steve, What do you think the chances are of the Debt Settlement Consumer Protection Act S.3264 passing? I was thinking since all up front fees are now banned, maybe that...

    • Posted September 15, 2010
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  • Elizabeth Warren, We Got Your Back. Wall Street Better Watch Out.

    For all the fans of Elizabeth Warren for the role as the director of the new Consumer Financial Protection Bureau.

    • Posted August 21, 2010
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  • Elizabeth Warren Needs To Be Named Director of the Consumer Financial Protection Bureau

    I’ve known Elizabeth Warren for years and I’m proud to say she’s one of those people I can reach quickly if I need to. Hopefully once the selection process for the Consumer Financial Protection Bureau is over...

    • Posted August 13, 2010
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  • The Critical Flaw in The Attorney Model for Debt Settlement

    It seems in the face of proposed regulation over the debt settlement industry many debt settlement companies are running for the hills and trying to convert their business into one of the many attorney models out there...

    • Posted July 19, 2010
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