This article by Michele Lerner discusses the significant impact of a low credit score on the cost of credit (with a focus on home-mortgage credit). So, consumers should remove harmful (and false) information from their credit reports, which are shockingly inaccurate. The FTC says this about how consumers can dispute credit-report errors.
Category Archives: Uncategorized
You know that New York has sued Trump's Foundation, and Trump and his kids individually, alleging that the Foundation was little more than a checkbook for payments to not-for-profits from Mr. Trump or the Trump Organization. This resulted in multiple violations of state and federal law because payments were made using Foundation money regardless of […]
Following up on Jeff's post from yesterday, Ben White and Katy O'Donnell at Politico write that Mulvaney OMB associate said to be likely pick to head consumer bureau. Here is an excerpt: President Donald Trump is likely to pick Kathy Kraninger, who works under Mick Mulvaney at the White House budget office, as the next director of the Consumer […]
Politico reports that Joseph Otting, the head of the Office of the Comptroller of the Currency, a federal agency is responsible for enforcing fair lending laws, refused to say directly that discrimination exists, during questioning at a House Financial Services hearing on Wednesday. Among the laws that the OCC oversees is the Community Reinvestment Act, […]
Courthouse News reports: Education Secretary Betsy Devos need not provide full debt relief to more than 60,000 defrauded students, but she must stop collecting on their loans, a federal judge said in court Monday. Lawyers for a proposed class of borrowers had asked U.S. Magistrate Judge Sallie Kim to revive an Obama-era policy that promised […]
The Supreme Court held long ago, in a case generally referred to as "American Pipe," that if the courts refuse to allow a case to go forward as a class action, all members of the class have the chance to bring suit to pursue their claims individually, even if the statute of limitations has expired, […]
David Lazarus of the LA Times writes today about the possibility that the Consumer Financial Protection Bureau will cut off public access to its consumer complaint database. The comment period closed this week on the CFPB's request for comment on possible changes to its complaint system. Meanwhile, "Mick Mulvaney, Trump’s budget chief who’s serving as […]
The CFPB has dropped its RESPA enforcement action against PHH — the case in which the en banc D.C. Circuit upheld the constitutionality of the CFPB's structure. Read about it here.
Consumer Financial Protection Bureau's Mick Mulvaney has dismissed the members of the agency’s Consumer Advisory Board. The CFPB's Policy Associate Director for External Affairs informed board members of the decision on a conference call Wednesday. The members were told that their terms were terminated and they were not permitted to reapply. Politico has the story.
The Wall Street Journal reports that Mick Mulvaney at the Consumer Financial Protection Bureau will lift the freeze on the CFPB’s collection of private consumer data, which helps its examiners oversee financial institutions. The full article is here.