Ed's Blog

CFPB to announce mortgage servicing rules and other consumer news of the week

By Ed Mierzwinski
Senior Director, Federal Consumer Program

Update: I brought my real camera to the event. At left, Rich Cordray of the

CFPB makes a point. At right, Cordray listens as Operation Hope founder and CEO John Hope Bryant answers a question.

Original Post: Today, U.S. PIRG will be an invited guest at an event at the financial literacy organization Operation Hope, as Director Richard Cordray of the Consumer Financial Protection Bureau proposes new mortgage servicing rules to prevent, among other things, a recurrence of the robo-signing scandal. The CFPB will be using new authority to act on its own in this area (in addition, it is separately participating in ongoing "interagency" negotiations with the failed regulators whose policies aided the growth of the crisis). Here's more on the story from Ylan Q. Mui of the Washington Post. ... Among the other important news items of the week, in case you missed it, Ohio has made it harder for aggrieved consumers to obtain redress when ripped off. In her story, acclaimed consumer columnist Sheryl Harris of the Cleveland Plain Dealer lists all the supporters of the anti-consumer proposal and states: "A consumer who goes to court can lose, even if he wins. Businesses that conduct themselves honorably are put at a disadvantage. Competitors who engage in bait-and-switch and other unfair tactics no longer face an economic penalty for cheating." ... Meanwhile, today at the Wall Street Journal, reporters Julia Angwin and Jeremy Singer-Vine will host a 2pm (ET) Live Chat discussioning their recent story "Selling You On Facebook," which explained that "A Wall Street Journal examination of 100 of the most popular Facebook apps found that some seek the email addresses, current location and sexual preference, among other details, not only of app users but also of their Facebook friends."  [The story link may be behind a paywall, but the 2pm (ET) Live Chat link shouldn't be. It is open now for you to post questions in the form of comments.] ... Finally, don't forget to check out my U.S. PIRG colleague and Democracy Advocate Blair Bowie's recent column: "Disempowered Bankers Start Super PAC, Reveal Plans for World Domination."

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