CFPB Acts Against Three Lenders

On February 12, the Consumer Financial Protection Bureau (CFPB) announced that it is “taking action” against three mortgage companies for misleading consumers with advertisements implying U.S. government approval of their products. The CFPB is suing a reverse mortgage lender—seeking to halt its illegal activities—and has also ordered two others to end their false advertising. “Each of these companies has misled consumers with false advertising,” said CFPB Director Richard Cordray. “The U.S. government is very serious about stopping companies from falsely claiming federal authority, and we are particularly concerned about false or deceptive statements made in advertisements about reverse mortgages that target older Americans.” The 2011 Mortgage Acts and Practices Advertising Rule prohibits misleading claims in mortgage advertising, including implying a government affiliation.  See http://www.consumerfinance.gov for more information.

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