The Consumer Financial Protection Bureau is adding new barriers to its complaint portal — including disclaimers, proposed two-factor authentication, and complaint limits — after lobbying from the credit bureau industry. Consumer advocates say the changes will hurt the people who need the system most.
Quick Answer: The National Consumer Law Center and National Association of Bankruptcy Attorneys filed a joint court document on July 29, 2015, arguing against the Brunner Test standard for student loan bankruptcy discharge. The organizations claim the current test creates inequitable application of bankruptcy laws nationwide, making student loan discharge inconsistent across different courts.On July …
Quick Answer: Despite regulatory bans, eight banks including Bank of America still require homeowners to waive their legal rights in exchange for foreclosure assistance. ProPublica found these waivers force desperate borrowers to choose between saving their homes and maintaining their ability to sue for loan-related issues.ProPublicaThis story was co-published with Slate.A few months ago, Bank …
Quick Answer: The foreclosure paperwork scandal reveals that major mortgage servicers use “robo-signers” who approve thousands of foreclosure documents without proper verification, prioritizing speed over legal compliance. This systemic problem affects federal programs like the Home Affordable Modification Program, demonstrating the industry’s focus on processing foreclosures quickly with minimal oversight.by Marian Wang,ProPublica The scandal over …
Quick Answer: Records show attorneys engaged in debt settlement and loan modification have used broad legal exemptions to shield unfair consumer practices from oversight. Americans for Financial Reform opposed House language in H.R. 4173 that would exempt attorneys from Consumer Financial Protection Bureau jurisdiction over deceptive practices.This letter was sent in by a loyal tipster …
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