Consumer ire toward financial services and products doesn’t seem to be abating, with complaints to the CFPB hitting a record high in the second quarter of 2024. (Includes two data tables.)
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Mortgage industry trade groups want the bureau to explore the repercussions on markets and consumers of any new rule or regulation concerning mortgage closing costs.
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Mr. Cooper Group’s Nationstar Mortgage is under fire for allegedly collecting payoff statement fees not included in the original mortgage contracts.
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While companies will inevitably have to reduce costs, industry analysts stress that it’s important that compliance policies and system remain updated and in-place.
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Some banks continue to press the CFPB for a reporting exemption for small banks as the rule will create additional burdens on these banks who may get frustrated and end up selling or closing their businesses.
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CFPB is investigating price gouging by private equity firms; litigation may occur between the bureau and JPMorgan Chase regarding Zelle payments; CFPB and other federal regulators release a proposed rule to standardize data submitted to federal financial agencies; CFPB proposes $3.0 million in penalties for credit repair issue.
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