Is CFPB a real company?

The Consumer Financial Protection Bureau, often simply called the CFPB, is a U.S. government agency.

Is CFPB a federal agency?

The Consumer Financial Protection Bureau is a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

Is CFPB Hydra Group legit?

“The Hydra Group has been running a brazen and illegal cash-grab scam, taking money from consumers’ bank accounts without their consent,” said CFPB Director Richard Cordray. …

Why am I getting a letter from CFPB?

Sometimes the CFPB will send a warning letter to advise recipients that certain actions may violate federal consumer financial law. These are not accusations of wrongdoing. Instead, they are meant to help recipients review certain practices and ensure that they comply with federal law.

Does the CFPB prohibit compensation based off?

The rule prohibits compensating loan originators based on a term of a covered loan. It also prohibits compensation based on the collective terms of multiple transactions (such as the average interest rate on 10 loans) or the terms of multiple transactions by multiple loan originators taken in the aggregate.

Why did I get a check from Hydra group?

The CFPB sued payday lender Hydra Group and several of its executives for allegedly using “information bought from online lead generators to access consumers’ checking accounts to illegally deposit payday loans and withdraw fees without consent.” Hydra Group issued “$97 million in payday loans and collected $115 …

What happens when you file a CFPB complaint?

We’ll forward your complaint and any documents you provide to the company and work to get a response from them. After the company responds to your complaint, we’ll email you, and you can log back in to review the response and provide feedback.

Are third party charges considered LO compensation?

If your credit union marks up a third-party charge – a process known as “up-charging” – the difference between the actual charge and the marked-up charge is generally considered compensation.

Why did I receive a check from the CFPB?

If you have received a check from the CFPB, it is because we have taken an enforcement action against a person or company for violating a consumer financial protection law, and you are eligible for compensation as a result of this violation. This check may come in the mail directly from the CFPB or from the defendant that we sued.

How do I contact the CFPB about a refund check?

The protection bureau will not ask for additional information before you can cash a refund check it has issued. If you think you should have received a check from the CFPB or have any questions, you can call its information phone line – (855) 411-2372 – or visit their website for further details.

How do I get a redress check from the CFPB?

This check may come in the mail directly from the CFPB or from the defendant that we sued. Sometimes, you may also receive a claim form in the mail, or you may receive a notice to complete a claim form online. A claim form is used when we need additional documentation to verify that you are eligible for a redress payment.