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Edfinancial Services Consumer Financial Protection Bureau

Edfinancial Services. On March 30, 2022, the Bureau issued an order against Edfinancial Services, LLC. (Edfinancial). Edfinancial, headquartered in Knoxville, Tennessee, is a student loan servicer that services both FFELP loans, which are loans from private companies, and Direct Loans, which are loans directly from the Department of Education

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Find your servicer to see what you qualify for

Native American Direct Loan (NADL) borrowers can contact the BSI default resolution team at 800-327-7861 or [email protected] If you’re nervous about contacting your servicer, or if you’d like VA’s help and advice, please contact a VA loan technician at 877-827-3702. Fannie Mae.

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Get help paying rent Consumer Financial Protection …

There are local experts who can help, for free or at a low cost. Need help applying? Talk with a housing counselor. Housing counselors can help you find resources in your area and make a plan. Contact the Department of Housing and Urban Development (HUD)’s housing counseling program. Call 800-569-4287 or find a housing counselor.

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Medical debt Consumer Financial Protection Bureau

CFPB Estimates $88 Billion in Medical Bills on Credit Reports. CFPB Issues Bulletin to Prevent Unlawful Medical Debt Collection and Credit Reporting. CFPB Releases Report Detailing Consumer Complaint Response Deficiencies of the Big Three Credit Bureaus. View all press releases on medical debt.

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Resources for servicemembers

The MLA provides servicemembers and certain dependents with legal protections for many types of consumer credit and loans. It also prohibits lenders from requiring servicemembers to create military allotments to get a loan. And, both the SCRA and MLA provide interest rate benefits: the SCRA entitles you to reduce the interest rate to 6 percent

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Reporting elder financial abuse Consumer Financial …

Problems with financial caregivers. If you suspect that a Social Security representative payee is misusing your loved one’s Social Security benefits, contact the local Social Security office or call the Social Security Administration at 800-772-1213.; If you suspect that a fiduciary appointed by the Department of Veterans Affairs (VA) is misusing your loved one’s benefits, contact the VA.

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Serving servicemembers, veterans, and military families

MiMM is a cutting edge, graphic novel where you can choose your own adventure in a virtual learning experience that trains future and current servicemembers and their families on how to navigate future financial landmines in a fun and interactive way. Overview of MiMM. Experience the adventure at MiMM.gov.

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The Servicemembers Civil Relief Act (SCRA) Consumer …

The SCRA is a law created to provide extra protections for servicemembers in the event that legal or financial transactions adversely affect their rights during military or uniformed service. These protections enable servicemembers to devote their entire energy to the defense needs of the Nation. Active duty members of the Army, Marine Corps

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Prepaid model forms and samples Consumer Financial …

Download Prepaid model and sample forms. Print and source code versions of the forms are provided on the Bureau’s Prepaid GitHub page.

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Get Homeowner Assistance Funds Consumer Financial …

The Homeowner Assistance Fund was established by the American Rescue Plan Act to help homeowners who have been financially impacted by COVID-19 with certain housing-related costs. The program’s goal is to prevent: Mortgage issues like delinquencies, defaults, or foreclosures. Loss of power services or other home utilities.

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Bulletin 2022-05: Unfair and Deceptive Acts or Practices That …

Reviews of products and services help to promote fair, transparent, and competitive markets. When firms frustrate the ability of consumers to post honest reviews of products and services that they use, they may be engaged in conduct prohibited by the Consumer Financial Protection Act (CFPA). The Consumer Financial Protection Bureau …

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2021 Consumer Response annual report

The Consumer Financial Protection Bureau began consumer response operations on July 21, 2011, and became the first federal agency solely focused on consumer financial protection. The Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of …

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Closing Disclosure Explainer

Use this tool to double-check that all the details about your loan are correct on your Closing Disclosure. Lenders are required to provide your Closing Disclosure three business days before your scheduled closing. Use these days wisely—now is the time to resolve problems. If something looks different from what you expected, ask why.

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GreenSky, LLC Consumer Financial Protection Bureau

On July 12, 2021, the Bureau issued a consent order against GreenSky, LLC (GreenSky), a financial technology company that services and facilitates the origination of consumer loans. The Bureau found that GreenSky engaged in origination activity on thousands of loans to consumers who did not request or authorize them and that the company

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CFPB Targets Unfair Discrimination in Consumer Finance

MAR 16, 2022. WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. In the course of examining banks’ and other companies’ compliance with

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CFPB tells credit card CEOs: Practice of suppressing payment data …

Recently, our research uncovered that only about half of the largest credit card companies contribute data to credit reporting companies about the exact monthly payment amounts made by borrowers. It also showed that over a short period of time, several of the largest credit card companies began to suppress actual payment amount information that they had …

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CFPB Launches New Effort to Promote Competition and …

The Consumer Financial Protection Bureau (CFPB) is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the Office of Innovation that focused on an application-based …

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FFELP student loan borrowers: take full advantage of fixes to …

Under income-driven repayment (IDR) plans, federal student loan borrowers can have the remaining balance of their student loans forgiven after …

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Credit disputes: getting a clear statement of results from your

If you’re trying to correct inaccurate or incomplete information on your credit report, the process can feel overwhelming. The communications you receive from the companies involved can be confusing, and the CFPB has found some companies have not handled consumer disputes in compliance with the law.

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CFPB Supervisory Report Finds Unlawful Auto Repossessions, …

The report details key findings across consumer financial products and services. “While most entities act in good faith to follow the law, CFPB examiners are identifying law violations that lead to real harm,” said CFPB Director Rohit Chopra. “We will continue to examine firms to proactively identify and mitigate harmful practices before

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CFPB Issues Policy on Contractual ‘Gag’ Clauses and Fake Review …

The CFPB seeks to ensure that customers can write reviews, particularly ones posted online, about financial products and services that accurately reflect their opinions and experiences. The guidance also highlights that practices such as posting fake reviews or inserting clauses that forbid a customer from publishing an honest review may

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CFPB Acts to Protect the Public from Black-Box Credit Models …

Consumers can submit fair lending complaints, or complaints about financial products or services, by visiting the CFPB’s website or by calling (855) 411-CFPB (2372). The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial

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CFPB Sanctions Edfinancial for Lying about Student Loan …

— The Consumer Financial Protection Bureau (CFPB) today sanctioned Edfinancial Services, a student-loan servicer, for making deceptive statements to student loan borrowers and misrepresenting their forgiveness and repayment options to them. Edfinancial deceived borrowers, with Federal Family Education Loan Program (FFELP), loans about their

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Director Chopra's Opening Remarks to the Community Bank and …

The core services provider market is heavily consolidated. Fiserv, Jack Henry & Associates, FIS, and Finastra serve 78% of all U.S. banks. The consolidation of the providers among these four is affecting service and cost – with one community bank CEO aptly framing the problem as “stand-in-line and write a big check.” In an age of constant

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Statement of CFPB Director Rohit Chopra, FDIC Board Member, on …

Today, the Board of Directors of the Federal Deposit Insurance Corporation is voting to seek public comment on a Notice of Proposed Rulemaking to update the Community Reinvestment Act framework for certain state-chartered banks. 1 I am voting in favor of the Notice of Proposed Rulemaking, particularly because of the potential it holds to assist rural …

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CFPB Issues Advisory Opinion on Coverage of Fair Lending Laws

The CFPB issued today’s advisory opinion and accompanying analysis to clarify that ECOA protects people from discrimination in all aspects of a credit arrangement. The advisory opinion is consistent with a recent legal brief filed by the CFPB, the Federal Trade Commission, the Federal Reserve Board of Governors, and the U.S. Department of

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RAM Payment, LLC, also dba Reliant; Account Management …

On May 11, 2022, the Bureau issued an order against Tennessee-based RAM Payment, LLC and Account Management Systems, LLC (AMS) and AMS’s co-founders, Gregory Winters and Stephen Chaya. Since January 4, 2019, RAM Payment has offered account maintenance and payment processing services to debt relief companies and to consumers.

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CFPB Orders Bank of America to Pay $10 Million Penalty for Illegal

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against Bank of America for processing illegal, out-of-state garnishment orders against its customers’ bank accounts.

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“Reining in Repeat Offenders”: 2022 Distinguished Lecture on …

How these companies engage in other business practices is how we can expect them to engage in financial services, so it is worth going into some detail about the FTC case against one of the biggest players in this space. In 2011, the FTC voted to issue an eight-count complaint against Facebook. According to the FTC, Facebook “deceived

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CFPB Invokes Dormant Authority to Examine Nonbank Companies …

Another category of supervised entities includes what the law calls “larger participants” in other nonbank markets for consumer financial products and services. The CFPB conducted rulemakings to define thresholds for entities subject to supervision in the markets of consumer reporting, debt collection, student loan servicing, international

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CFPB Charges TransUnion and Senior Executive John Danaher with

On January 3, 2017, the CFPB settled charges with TransUnion and its subsidiaries for deceptively marketing credit scores and credit-related products, including credit monitoring services. As part of the settlement, TransUnion agreed to pay $13.9 million in restitution to victims and $3 million in civil penalties.

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Consumer Response Annual Report

services over the telephone via a toll-free number. Representatives at the CFPB’s U.S.-based contact centers answer consumers’ inquiries, providing clear, unbiased answers and pointing them to CFPB-created tools like Ask CFPB. The CFPB provides services to consumers in more than 180 languages and to consumers who are deaf, have hearing

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Seven examples of unfair practices and other violations by …

You may also qualify for free legal services in your community, if you need additional help and legal advice. Submit a complaint with the CFPB. If you’re having difficulty with your mortgage servicer, submit a complaint and we’ll work to get a response. Complaints also provide valuable insight into potential risks and issues in the marketplace.

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Prepared Statement of Director Rohit Chopra before the House …

The outsized influence of such dominant tech conglomerates over the financial services ecosystem comes with risks and raises a host of questions about privacy, fraud, discrimination, and more. The CFPB is currently studying these issues first as part of our inquiry into Big Tech’s entry into consumer payments in the United States. The agency

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UNITED STATES OF AMERICA CONSUMER FINANCIAL …

5. Respondent services student loans, and therefore engages in offering or providing a “financial product or service” within the meaning of 12 U.S.C. § 5481(15)(A)(i). 6. Student loans are used primarily for personal, family, or household purposes within the meaning of …

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My mortgage lender told me it was exempt from mortgage …

Services 5,000 mortgages or less each year together with any related companies and made or owns all of the loans it services. Is a Housing Finance Agency, which is a government agency that offers a certain amount of mortgages with low rates for low- …

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