NCLC Analyzes the Successes, Failures, and Potential of the HAMP Loan Modification Program

FOR IMMEDIATE RELEASE:    JANUARY 15, 2012 Contacts: Jan Kruse jkruse@nclc.org 617-542-8010; Diane Thompson dthompson@nclc.org  REPORT: ROADMAP TO EFFECTIVE MORTGAGE SERVICING REFORM NCLC Analyzes the Successes, Failures, and Potential of the HAMP Loan Modification Program Download the report (with stories of real people harmed), charts, and recommendations for mortgage servicing reform: http://www.nclc.org/issues/at-a-crossroads.html WASHINGTON, DC─As the United States … Continue reading NCLC Analyzes the Successes, Failures, and Potential of the HAMP Loan Modification Program

WHAT DOES DODD FRANK ACT DO FOR CONSUMERS?

What does the Dodd-Frank Act do for consumers? For the first time in over twenty years, Congress made more changes in consumer protection laws by enacting the Dodd-Frank Act.  Publ. L. No. 111-203, 124 Stat. 1376 (2010).    The Dodd Frank Act was signed into law on July 21, 2010.  The Dodd Frank Act includes consumer protection … Continue reading WHAT DOES DODD FRANK ACT DO FOR CONSUMERS?

AMERICAN EXPRESS SETTLES $85 MILLION DEBT COLLECTION & MARKETING SCAM CLAIM

FDIC Announces Settlement With American Express Centurion Bank for Unfair and Deceptive Practices in Debt Collection and Credit Card Marketing The Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB) have reached a settlement with American Express Centurion Bank (Bank), Salt Lake City, Utah, for deceptive debt collection and credit card marketing … Continue reading AMERICAN EXPRESS SETTLES $85 MILLION DEBT COLLECTION & MARKETING SCAM CLAIM

CFPB PROPOSES PROCEDURAL RULE ON SUPERVISING NONBANKS THAT POSE RISKS TO CONSUMERS

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued the following press release: CFPB PROPOSES PROCEDURAL RULE ON SUPERVISING NONBANKS THAT POSE RISKS TO CONSUMERS WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today is proposing a rule that would set up procedures to supervise nonbanks that may have engaged in activities that pose risks to consumers. … Continue reading CFPB PROPOSES PROCEDURAL RULE ON SUPERVISING NONBANKS THAT POSE RISKS TO CONSUMERS

CFPB DIRECTOR RICHARD CORDRAY TO SPEAK IN BIRMINGHAM, ALABAMA – PAYDAY LENDING

The hearing will take place on Thursday, January 19, 2012, at 12:00 P.M. CST (UPDATED LOCATION:  at the Birmingham-Jefferson Convention Complex).  Alabama is a state with one of the highest number of payday lenders per capita in the country.  The CFPB is the first federal agency with the authority to oversee payday lenders of all … Continue reading CFPB DIRECTOR RICHARD CORDRAY TO SPEAK IN BIRMINGHAM, ALABAMA – PAYDAY LENDING

WISH LIST FOR CFPB’S DIRECTOR CORDRAY

But even a small percentage of errors can affect millions. The CFPB should assure that reports are accurate and errors easily fixed. Credit bureaus now generally have 30 days to investigate a complaint. They also must forward "all relevant information" to the creditor that furnished the disputed material. But the National Consumer Law Center in … Continue reading WISH LIST FOR CFPB’S DIRECTOR CORDRAY

RICHARD CORDRAY DIDN’T WASTE TIME TRYING TO CONNECT WITH CONSUMERS

Richard Cordray, the new director of the Consumer Financial Protection Bureau (CFPB), didn't waste any time trying to connect with consumers about how the CFPB can help them in 2012.  Here's the email being sent to consumers across the US: Happy New Year, As the new Director of the Consumer Financial Protection Bureau, and as … Continue reading RICHARD CORDRAY DIDN’T WASTE TIME TRYING TO CONNECT WITH CONSUMERS

CORDRAY APPOINTED – PRESIDENT SUPPORTS CONSUMER PROTECTION DESPITE REPUBLICAN OPPOSITION

The long-delayed start of a new consumer protection bureau took a major step forward Wednesday when the White House defied Congressional Republicans who had been holding out for changes that consumer advocates say would have substantially weakened the agency. President Barack Obama announced a recess appointment to name Richard Cordray as the nation's chief consumer … Continue reading CORDRAY APPOINTED – PRESIDENT SUPPORTS CONSUMER PROTECTION DESPITE REPUBLICAN OPPOSITION

FAIR CREDIT REPORTING ACT – 40 YEARS LATER

The Federal Trade Commission issued a staff report, that compiles and updates the agency’s guidance on the Fair Credit Reporting Act (FCRA), the 1970 law designed to protect the privacy of credit report information and ensure that the information supplied by credit reporting agencies is as accurate as possible. A credit report contains information about … Continue reading FAIR CREDIT REPORTING ACT – 40 YEARS LATER

TRANS UNION MAKES $245 MILLION IN 1ST QUARTER OF 2011

Trans Union announced its 1st quarter revenue for 2011 - $245.9 million an increase of 8.3% compared 1st quarter of 2010. Tran Union's operating income was $55.1 million, an increase of 19.5 percent compared to 1st quarter of 2010. The net loss from continuing operations attributable to Trans Union for the first quarter was $25.4 million compared to income of $25.0 million … Continue reading TRANS UNION MAKES $245 MILLION IN 1ST QUARTER OF 2011