Monthly Archives: April 2019

New York launches its own CFPB


Following through on a pledge made more than a year ago, the New York Department of Financial Services is launching its own version of the Consumer Financial Protection Bureau, seeking to fill the consumer protection gaps that are beginning to appear as the Trump administration puts more of its stamp on the CFPB.

Back in January 2018, Mick Mulvaney, then the acting director of the CFPB, told the bureau’s employees that the agency would be much gentler towards the companies it regulates under his watch.

Read on.

City of Los Angeles to replace Wells Fargo as main banking partner following scandal, stricter rules By: Oscar Flores, FOX 11

LOS ANGELES, Calif. (FOX 11) – The city of Los Angeles is set to replace Wells Fargo as its main banking partner following the bank’s fake accounts scandal and stricter rules enacted in the aftermath.

The information was made public on Monday after a City Council committee approved a report outlining Bank of America and JPMorgan Chase as the top contenders to replace Wells Fargo.

Union Bank was recommended to continue handling the city’s Neighborhood Council Funding Program.

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Wells Fargo accused of misleading homeowners in mortgage crisis aftermat

Wells Fargo is being accused of misleading homeowners who were seeking to lower their home payments in the aftermath of the mortgage crisis.

A class-action lawsuit filed in White Plains federal bankruptcy court says the scandal-ridden bank mishandled loan modification trials it was required by law to entertain following the 2008 mortgage meltdown.

According to the suit, the bank told certain underwater mortgage holders that they could qualify for reduced monthly payments — and keep their homes — if they followed certain procedures, including making regular payments at the reduced rate for at least three months.

But when it came time to make the reduced payments permanent, the borrowers were rejected for “title issues” that had not been disclosed to them in advance, the lawsuit said.

Read on.