John Reilly used to pontificate at the annual CAR and NAR Conventions. I never missed a session. He could take complex regulations and make them simple. His books are benchmarks for the industry, especially The Language of Real Estate (8th Edition). I got mine 35 years ago. His education is impeccable. Ossining NY High School, […]
Installment lender: One Main Financial of Evansville, IN was ordered to pay $10 million to customers and another $10 million in penalties for failing to refund interest charged and selling add-on products. (more…)
Complaints One of the big responsibilities of the Consumer Financial Protection Bureau is to hear complaints from consumers. In the 21 months ending September 2021 they heard over 700,000 complaints against Equifax, Experian and TransUnion. This is 50% of all complaints received. Obviously consumers are not satisfied with the trio. In 2021 those companies reported […]
A New Sheriff In Town During the last few years CFPB has been more concerned with education and resources for consumers, unlike the previous regime under Richard Cordray. There is a new JEFE MASCULINO. Or, I might say, a new sheriff in town. Name: Rohit Chopra. He was formerly at this agency as an Assistant […]
Goodbye, CFPB Fines of $1 Outstanding article by David Lazarus about the current CFPB. The title, “Goodbye, CFPB Fines of $1”. This agency has always been controversial since it was designed by Elizabeth Warren and established by the Dodd Frank in 2011. One ironic situation is the status of the Director, who is currently Kathy […]
SCOTUS Case Pending Many of you might have heard that there was a case pending before SCOTUS concerning whether the Consumer Financial Protection Bureau was unconstitutional. This is their decision. A couple of my comments follow. This case was started by a law firm, Seila Law, in Orange, CA. The CFPB wanted to investigate them […]
I said then and I will say it now, “This is not going to happen.” Director Mulvaney did not understand the situation. Kathy Kraninger ditched the idea the day she came in. Estimates of the costs for the government to change their site and for lending companies to change their files would be millions and […]
How To Protect Yourself And Your Closing Funds The subtitle of this alert says it all: “How to protect yourself and your closing funds.” The agency emphasis is on a sophisticated phishing scam going around. If anyone’s money gets lost in a transaction, the losers will sue everyone anywhere near the transaction. Share It This […]
About CFPB This agency has been controversial since the day it was established by the Dodd-Frank Act. The Democrats said that it would protect consumers and the Republicans said that it was excessive regulation. We will not discuss that topic today, but their website is a great source of information for Real Estate Professionals. cfpb.gov […]
Many People In Real Estate And Banking Have Extremely Poor Views Of The Consumer Financial Protection Bureau Too expensive, too regulatory, waste of taxpayer money. As most of you know, it was a product of the Dodd Frank Act. However, they have recently produced some great source materials for everyone, especially for young people starting […]
