CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order

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WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Fay Servicing to pay a $2 million penalty for violations of mortgage servicing laws, as well as for violations of a 2017 agency order that addressed its illegal foreclosure practices. The company failed to implement the order’s requirements and continued to break the law.

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CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail

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WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed. Under contract-for-deed deals, the seller agrees to turn over a home’s deed only after the buyer completes a series of payments. The

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CFPB Takes Action Against Credit Repair Cloud and CEO Daniel Rosen for Enabling Credit Repair Companies that Harvest Illegal Fees

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WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its lawsuit against Credit Repair Cloud and CEO Daniel A. Rosen for providing substantial assistance or support to credit repair businesses that charge illegal advance fees to consumers. The proposed order, if entered by the court, would impose a

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CFPB Report Finds Lenders Cramming Markup Fees and Confusing Terms into Solar Energy Loans

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an issue spotlight finding that some residential solar lenders are misleading homeowners about the terms and costs of their loans, misrepresenting the energy savings they will deliver, and cramming markup fees into borrowers’ loan balances. The report describes how fees often increase loan costs

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CFPB Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies

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WASHINGTON, D.C. – The Consumer Financial Protection Bureau today joined several other federal financial regulatory agencies in announcing a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies. The proposal would promote interoperability of financial regulatory data across the agencies through the establishment of data standards for identifiers of

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