Articles Posted in CFPB

Industry watchdogs turn their focus on Wells’ wealth-management services It seems that we may not have yet seen the end of the Wells Fargo accounts scandal. The Justice Department has taken an increased interest in Wells Fargo’s wealth-management unit following whistle-blower claims that the bank’s wealth-management customers have been affected. According to a Wall Street…

Could this be the beginning of the end of the Consumer Financial Protection Bureau as we know it? This month The Trump administration, through acting CFPB Director Mick Mulvaney, announced sizeable restrictions to CFPB’s enforcement and day-to-day oversight of the financial industry’s fair lending practices. The move comes shortly after Mulvaney was installed as Acting…

Last week, we spotlighted the resignation of Consumer Financial Protection Bureau (CFPB) head, Richard Cordray. His departure left a mark of uncertainty over the fate of the institution – one of the financial industry’s top regulators. Who’s the Boss? This week sparked contention over who would be taking the helm following Cordray’s departure. Although Cordray…

This week, Richard Cordray handed in his resignation as head of the Consumer Financial Protection Bureau (CFPB). The early resignation comes at a time of increased criticism over current financial regulations and an uncertain outlook for many regulatory bodies. The CFPB especially, has been subject of intense criticism from the financial industry as overbearing and…

Reverse Mortgage Companies See Reversal of Fortunes This week, the Consumer Financial Protection Bureau (CFPB) announced charges against three top reverse mortgage companies with false claims and deceptive advertising. These companies lured consumers into reverse mortgage contracts under the claim that they would not stand a chance of losing their homes, among other promises. American…

Each month, the Consumer Financial Protection Bureau (CFPB) publishes a complaint report outlining and highlighting volume and percentage of consumers’ reported financial complaints. The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources for consumers. Analyzing Financial Complaints…

This is an update to a previously posted article – “Wells Fargo Pays Out $190 in Financial Fraud Claim”. Read the full story here. In the wake of the massive fraud scandal stemming from a sales incentives initiative, Wells Fargo as announced that it is ending the company-wide sales product goals. The banking giant, ordered…