CFPB Director Cordray: Credit unions misrepresent mortgage success

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The director of the Consumer Financial Protection Bureau, the nation’s most powerful financial services regulator, provided a semi-annual update to the House Financial Services Committee this morning.So how are things going at the CFPB?Short answer: The American hate-hate relationship with lenders appears to be growing.In fact, consumer complaints against lenders and servicers are nearing half a million complaints.This is so bad, Cordray is reporting that the CFPB is working to improve consumer access to the database, by making it easier and simpler for consumers to complain.As of September 30, 2015, the database passed 465,000.The semi-annual report covers April to September 2015. During that time, the CFPB reported $5.8 billion in consumer relief. There is also $153 million in civil money penalties.The growing number of complaints, however, is not a concern for the esteemed members of Congress. However, identifying and eliminating discrimination in lending became the clear, preferred topic of conversation. continue reading »last_img

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