Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB Announces Proposed 'Steering' Settlement
WASHINGTON (11/8/13)--A multi-million-dollar action is being sought against a Utah-based mortgage company for allegedly steering consumers into costlier mortgages, the Consumer Financial Protection Bureau (CFPB) announced Thursday.
 
In January, the bureau announced rules designed to prevent unscrupulous mortgage loan originators from generating higher compensation for themselves by steering borrowers into risky and high-cost loans.
 
According the CFPB, it has asked a federal court to approve a consent order that would provide more than $9 million restitution for consumers from Castle & Cooke Mortgage, LLC, of Salt Lake City. Another $4 million would be obtained in civil money penalties against Castle & Cooke and two of its officers for allegedly paying loan officers illegal bonuses.
 
The CFPB also said, in a release, that the mortgage company maintains 45 branches and does business in 22 states, including Arizona, California, Colorado, Florida, Hawaii, Iowa, Idaho, Nebraska, New Mexico, Nevada, Texas, and Utah.
 


RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
8 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
12 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
13 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
14 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
14 hours ago