Enforcement actions

Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.

The regulator's demands for ending the action were excessive, Ocwen claimed.

The Consumer Financial Protection Bureau is headed for more disruption in the new year with a Democratic administration likely to reverse several GOP-backed policies. More aggressive relief for mortgage borrowers, a rollback of Trump-era rulemakings and yet another realignment of CFPB offices will all be on the table.

The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018.

The accused, who also faces vehicle title and investment fraud charges, allegedly submitted falsified statements related to the payoff of an earlier mortgage when applying for a new one.

The complaint dates back to 2014 state regulator examinations when the Dallas company was known as Nationstar.

The agency found a 40% error rate in the 2016 data submitted by the Seattle bank. In addition to the fine, the institution is required to improve its compliance systems.

The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.

The agreement with Florida ends the saga that began in April 2017, when several states sued the company. However, the CFPB's case filed at the same time remains active.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.