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CFPB Bites of the Month - May Top 10 | Hudson Cook, LLP


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Each month, we host a 30-minute webinar outlining the month s key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month s article, we share some of our top bites covered during the May 26 webinar.
So what happened at the CFPB in the past month?
Bite #10 - The CFPB and NY AG moved to seize personal assets from the owner of a debt collection operation.
The CFPB and New York Attorney General sued the owner of a debt collection company previously involved in a regulatory action, in an effort to seize a $1.6 million home, that the owner allegedly transferred fraudulently. In 2019, the CFPB and the NY AG settled with that debt collection operation and its owners over allegations that the involved companies harassed, threatened, and deceived millions of consumers across the nation into paying inflated debts or amounts they d ....

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CFPB Closely Watching Mortgage Servicer Actions During Pandemic

CFPB Closely Watching Mortgage Servicer Actions During Pandemic
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CFPB Sees Mortgage Complaints Increase - Banker & Tradesman


CFPB Sees Mortgage Complaints Increase
May 5, 2021 | Reprints | Print
Consumers submitted more mortgage complaints to the Consumer Financial Protection Bureau in March than in any month since April 2018, the CFPB said in a statement yesterday.
Mortgage complaints that mentioned forbearance or related terms have reached their highest monthly average since March and April of 2020, the CFPB said, adding that the number of borrowers reporting struggles with making mortgage payments is trending upward.
One of the complaints the CFPB highlighted involved servicer communications.
“Many consumers complained that servicers did not provide clear and accurate information about their options,” the CFPB said. “In particular, consumers reported that servicers were not providing information about loss mitigation until after the consumer’s forbearance had ended, and that the information provided about post-forbearance options was confusing ....

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