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Company Overview of Consumer Financial Protection Bureau
Consumer Financial Protection Bureau is an independent bureau providing consumers with financial markets information. The bureau aims to implement and enforce consumer financial laws, review business practices, monitor the financial marketplace, and establish consumer website and hotline to address the complaints and questions. Consumer Financial Protection Bureau was formed in 2010 and is headquartered in Washington, District of Columbia.
PO Box 4503
Iowa City, IA 52244
Founded in 2010
Key Executives for Consumer Financial Protection Bureau
Assistant Director of Mortgage and Home Equity Markets
Assistant Director of Credit Information Markets
Assistant Director of Community Affairs
Compensation as of Fiscal Year 2013.
Consumer Financial Protection Bureau Key Developments
Consumer Financial Protection Bureau Orders GE Capital Retail Bank and its subsidiary, CareCredit to Refund $34.1 Million for Deceptive Health-Care Credit Card Enrollment
Dec 10 13
Consumer Financial Protection Bureau ordered GE Capital Retail Bank and its subsidiary, CareCredit, to refund up to $34.1 million to potentially more than 1 million consumers who were victims of deceptive credit card enrollment tactics. At doctors' and dentists' offices around the country, consumers were signed up for CareCredit credit cards they thought were interest free, but were actually accruing interest that kicked in if the full balance was not paid at the end of a promotional period. The CFPB found that service providers misled some consumers during the enrollment process by not providing adequate guidance clearly laying out the terms of the deferred-interest loan. CareCredit's limited involvement during the enrollment process and lack of oversight and monitoring allowed this deception to continue. Many consumers did not receive copies of the actual CareCredit agreements and instead had to rely only on the oral explanations given by the service provider or office staff. Many consumers were enrolled on the belief that it was an interest-free card, and did not understand that they were actually agreeing to a deferred-interest product with a 26.99% interest rate. Many staff members in the health-care offices, who were responsible for explaining the CareCredit agreement to borrowers, had received little or no training by CareCredit, and relied only on pamphlets.
Consumer Financial Protection Bureau Takes Enforcement Action against Cash America International
Nov 21 13
Cash America International will pay up to $19 million to settle allegations that it robo-signed court documents, overcharged members of the military, and took steps to impede an examination by the Consumer Financial Protection Bureau (CFPB). Under an agreement announced, Cash America will refund up to $14 million to consumers, including about $6 million that has already been paid back. The company will also pay a $5 million fine. Cash America's debt collection subsidiary, Cashland Financial Services, filed court documents in debt collection lawsuits without complying with the required signature rules. An estimated 14,000 consumers were affected. The CFPB also alleges that Cash America violated the Military Lending Act, which caps interest rates on certain short-term loans to service members at 36%. More than 300 service members and their dependents were affected, according to the consumer agency. Finally, the CFPB alleges that Cash America carelessly destroyed records during a routine examination by the consumer bureau that began in July 2012. The company's online lending arm, Enova Financial, continued to shred documents after the CFPB told it to stop, and it deleted recorded phone calls with consumers, among other misconduct, according to the CFPB.
Consumer Financial Protection Bureau Presents at 2013 FBR Fall Investor Conference, Dec-03-2013
Nov 17 13
Consumer Financial Protection Bureau Presents at 2013 FBR Fall Investor Conference, Dec-03-2013 . Venue: Grand Hyatt, 109 East 42nd Street at Grand Central Station, New York, New York, United States.
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