Video

Last week the Federal Reserve released a video on the Independent Foreclosure Review. The video aims to help borrowers who believe they were financially harmed during foreclosure processes between 2009 and 2010. Because we hear from consumers each day who have questions and concerns regarding their mortgages and foreclosures, we want to pass on good information they may find useful.

Many borrowers across the country have gone through foreclosure in recent years. Sometimes consumers went through the process with unanswered questions and concerns about how their foreclosure was handled. And in some cases, there were major errors made by servicers that led to foreclosures that could have been avoided. Because of these practices, the Independent Foreclosure Review has been established to assist borrowers in getting answers and possibly compensation. The Federal Reserve has set up a website for you to learn more about the Independent Foreclosure Review. The Federal Reserve offers an English language video and a Spanish language video that provide greater details, but here are the basics:

1. Your mortgage must have been serviced by a participating servicer.
2. Your foreclosure must have been initiated, processed, and/or completed between January 1, 2009 and December 31, 2010.
3. The foreclosure had to be for your primary residence.

Please note that there are absolutely no fees attached to this process. Beware of anyone who asks you to give them money.

To submit complaints, inquiries, feedback, or to tell the CFPB about an experience you’ve had with your mortgage, you can call our toll-free phone number at 1-855-411-CFPB (2372) or submit a complaint online. Consumers who are experiencing problems because they are unable to pay their mortgage can also call us at 1-855-411-CFPB and we will connect them with local housing experts who can provide free and professional advice.

We’re in Durham, NC, today to hold a field hearing on general purpose reloadable prepaid cards, commonly known as prepaid cards. If you’re looking for our livestream, you’ve come to the right place.

Today’s live events have now ended. You can watch the recording below, or read CFPB Director Richard Cordray’s remarks.

If you missed the event, CFPB Director Richard Cordray announced that the Bureau is asking for comments about general purpose reloadable prepaid cards, referred to here simply as “prepaid cards”, through an Advance Notice of Proposed Rulemaking (ANPR). Before we act, we want your input. Here are some of the things we’re considering:

What steps could the Bureau take to most effectively regulate these products to provide the consumer with transparent, useful, and timely fee disclosures? Should market participants be required to provide disclosure pre-sale, post-sale, or both?

The Bureau intends to extend federal consumer protections to prepaid cards. Should proposed consumer protections be the same as for checking account debit cards? Should there be any modifications to protections as they are extended to prepaid cards?

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Currently, most prepaid cards do not offer a savings account associated with the card. The Bureau seeks public input on the costs, and benefits, and consumer protection issues related to savings features offered with prepaid cards.

Additional questions are in the ANPR. Do you have questions or comments of your own to share? We’d love to hear them.

Sign up for our email list and we’ll notify you when the comment period opens.

Here’s the recording of today’s panel and field hearing.

Our live events on checking have ended. You can watch an archived recording of the morning roundtable below, or read Director Richard Cordray’s remarks. And make sure to check out the work on overdrafts that we announced: (more…)

Yesterday, Director Cordray kicked off our field hearing on payday lending in Birmingham, Ala., by explaining why he was there and what the Bureau wants to learn from consumers about payday loans. (more…)

Rich Cordray, the new Director of the CFPB, has recorded a message about the extraordinary privilege he sees in working on behalf of American consumers. (more…)

Today, our Office of Servicemember Affairs is hosting a Financial Fitness Forum in Washington, DC. We’ve streamed the morning’s events, including introductory remarks from Holly Petraeus and Raj Date, a panel on servicemembers’ financial readiness, and a keynote address from Robert Gordon, Deputy Assistant Secretary of Defense for Military Community and Family Policy.

Watch an archived version of this morning’s panel here. (more…)