A new rule is expected from the bureau in the coming months that will require businesses under the CFPB's jurisdiction to allow consumers to speak with a human service representative at the click of one button.
CFPB Director Chopra said contract-for-deed sales might sound like a path to homeownership for those who feel they have no options, but they have real risks.
As part of a White House initiative, the CFPB is launching a rulemaking to put a stop to customer service processes that waste consumers’ time and money.
The advisory opinion holds that contract-for-deed sellers must adhere to Truth in Lending Act requirements such as assessing buyers for repayment and providing borrowers with disclosures.