CFPB Tag Archives — Securities Fraud Lawyers Blog

Wells Fargo’s Wealth-Management Business Under Scrutiny

Published on: March 15, 2018 | by Savage Villoch Law, PLLC

Industry watchdogs turn their focus on Wells’ wealth-management services

It seems that we may not have yet seen the end of the Wells Fargo accounts scandal. The Justice Department has taken an increased interest in Wells Fargo’s wealth-management unit following whistle-blower claims that the bank’s wealth-management customers have been affected.

According to a Wall Street Journal (WSJ) article, the Justice Department ordered Wells Fargo to conduct an investigation into the bank’s own wealth-management business, in response to claims of unfair practices. The investigation into any potential wrong-doing is the first focused on services offered by Wells Fargo outside banking, namely its financial and investment advisory business.

Fair Lending Enforcement Roll-Backs at CFPB Could be Sign of Changing Times

Published on: February 23, 2018 | by Savage Villoch Law, PLLC

Could this be the beginning of the end of the Consumer Financial Protection Bureau as we know it?

This month The Trump administration, through acting CFPB Director Mick Mulvaney, announced sizeable restrictions to CFPB’s enforcement and day-to-day oversight of the financial industry’s fair lending practices. The move comes shortly after Mulvaney was installed as Acting Director following the departure of Richard Cordray.

Speculation of the CFPB’s impending dismantlement under the Trump Administration has been swirling since the election and this is just one of the latest in a series of moves pertaining to the CFPB that lends some credence to that speculation.

CFPB Replacement Pick Sparks Contention

Published on: November 24, 2017 | by Savage Villoch Law, PLLC

Last week, we spotlighted the resignation of Consumer Financial Protection Bureau (CFPB) head, Richard Cordray. His departure left a mark of uncertainty over the fate of the institution – one of the financial industry’s top regulators.

Who’s the Boss?

This week sparked contention over who would be taking the helm following Cordray’s departure. Although Cordray had named his deputy director as acting head while a replacement was sought, it seems the White House already had a replacement in mind. Nick Mulvaney, who until recently served as director of the White House Office of Management and Budget, has been appointed as the CFPB replacement pick.

With Cordray’s Resignation, What’s Next for the CFPB?

Published on: November 17, 2017 | by Savage Villoch Law, PLLC

This week, Richard Cordray handed in his resignation as head of the Consumer Financial Protection Bureau (CFPB). The early resignation comes at a time of increased criticism over current financial regulations and an uncertain outlook for many regulatory bodies. The CFPB especially, has been subject of intense criticism from the financial industry as overbearing and stifling.

As Director, Cordray was very much the face and voice of the bureau. Under Cordray, the Consumer Bureau held very close to the guiding tenets under which it was created: to protect financial consumers from unethical behavior. His departure leaves senior officials in the bureau and supporting lawmakers scrambling to secure the future of the CFPB against a regulatory overhaul.

What exactly is the CFPB?

Reverse Mortgage Consumers Face False Claims

Published on: December 12, 2016 | by Savage Villoch Law, PLLC

Reverse Mortgage Companies See Reversal of Fortunes

This week, the Consumer Financial Protection Bureau (CFPB) announced charges against three top reverse mortgage companies with false claims and deceptive advertising. These companies lured consumers into reverse mortgage contracts under the claim that they would not stand a chance of losing their homes, among other promises.

American Advisors Group, Reverse Mortgage Solutions and Aegean Financial have all been ordered to cease deceptive advertising, comply with regulations and pay penalties by the CFPB.

Top Consumer Financial Complaints

Published on: December 5, 2016 | by Savage Villoch Law, PLLC

Each month, the Consumer Financial Protection Bureau (CFPB) publishes a complaint report outlining and highlighting volume and percentage of consumers’ reported financial complaints.

The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources for consumers.

Analyzing Financial Complaints

Wells Fargo Ends Sales Goals in Wake of Fraud

Published on: September 19, 2016 | by Savage Villoch Law, PLLC

This is an update to a previously posted article – “Wells Fargo Pays Out $190 in Financial Fraud Claim”. Read the full story here.

In the wake of the massive fraud scandal stemming from a sales incentives initiative, Wells Fargo as announced that it is ending the company-wide sales product goals.

The banking giant, ordered to pay $190 million in damages and fines earlier this month, stated that as of Jan. 1, 2017 it would eliminate product sales goals. The decision is an effort by the bank to recoup customer faith and public standing.