From: The Consumer Financial Protection Bureau
To: Scott Jenkins,
Subject: CFPB Update: July 15, 2014
Date: Tue Jul 15 19:46:01 MDT 2014
Consumer Financial

CFPB Update: July 15, 2014

CFPB Issues Guidance Regarding Brokers Shifting to "Mini-Correspondent" Model

The CFPB recently issued guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The CFPB is concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves as such would automatically exempt them from important consumer protection rules affecting broker compensation. Learn more...

CFPB Clarifies Mortgage Lending Rules to Assist Surviving Family Members

The CFPB recently issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will help surviving family members who acquire title to a property to take over their loved one’s mortgage, and to be considered for a loan workout, if necessary, to keep their homeLearn more...

CFPB Takes Action Against ACE Cash Express for Pushing Borrowers Into Cycle of Debt

The CFPB recently took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution – to pressure overdue borrowers into taking out additional loans they could not afford. Learn more…

CFPB Providing Training for Housing Counselors on New Mortgage Servicing Rules

This year, the CFPB established new, strong protections for homeowners facing foreclosure. Since these rules went into effect on January 10, we have been focused on helping housing counselors better understand these new federal protections available to struggling mortgage borrowers. If you are a HUD-certified housing counselor and would like to request training on the new mortgage servicing rules, send us an emailLearn more…

CFPB Files Suit Against Debt Collection Lawsuit Mill

The CFPB recently filed a lawsuit in a federal district court against a Georgia-based firm, Frederick J. Hanna & Associates, and its three principal partners for operating a debt collection lawsuit mill that uses illegal tactics to intimidate consumers into paying debts they may not owe. The Bureau alleges that the Hanna firm churns out hundreds of thousands of lawsuits that frequently rely on deceptive court filings and faulty or unsubstantiated evidence. The CFPB is seeking compensation for victims, a civil fine, and an injunction against the company and its partnersLearn more…

Director Cordray’s Appearances

July 9th: Director Cordray delivered remarks at the U.S. Programme for International Student Assessment financial literacy data release. 

July 10th: Director Cordray delivered remarks on the CFPB’s Ace Cash Express enforcement action.

CFPB In Your Community

Join us for a field hearing on consumer complaints in El Paso, Texas. The hearing will take place on July 17th at 10:30 a.m. MDT. The event will feature remarks by Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. Send us an email to RSVP or watch live on our website. 

The Consumer Financial Protection Bureau

1700 G Street, NW

Washington, DC 20552