Tag Archives: CFPB
The CFPB has only just begun tackling financial services in its first four years
by Ashlee Kieler, Consumerist
Four years ago, the Consumer Financial Protection Bureau was created as a safeguard to ensure the financial industry followed the rules when selling products and services to consumers – and a lot has happened since that time. From returning billions of dollars to consumers who were wrong by financial services to holding for-profit colleges accountable for their deceptions, the work of the CFPB has touched many areas of the financial world and it continues to expand. While the CFPB has provided assistance to millions of consumers in its short time, there is undoubtedly more issues to be addressed. Read More ›
Nasty surprise for some student loan borrowers
by Herb Weisbaum, CNBC
Students who take out private loans to pay for college could face a nasty surprise if their co-signer dies or files for bankruptcy: The lender may suddenly demand the loan be paid in full—or even worse, put that loan in default—even though all payments are being made on time. The Consumer Financial Protection Bureau issued a consumer advisory on Tuesday, warning borrowers that these “auto-default” clauses may be in their loan agreements and serious financial consequences could result. Read More ›