The Consumer Financial Protection Bureau (CFPB) recently reached a settlement with Fay Servicing, a Florida-based mortgage servicer, over allegations of illegal conduct related to foreclosures. The agreement includes a $2 million fine and potential restrictions on the CEO’s compensation package. This development underscores the CFPB’s ongoing efforts to hold financial institutions accountable for their actions and ensure consumer protection in the mortgage industry.
Key points from the settlement with Fay Servicing include:
– $2 million fine imposed by the Consumer Financial Protection Bureau
– Potential limitations on the CEO’s compensation
– Allegations of illegal conduct in relation to foreclosures
– Emphasis on accountability and consumer protection by the CFPB.
You can read this full article at: https://www.housingwire.com/articles/cfpb-orders-fay-servicing-to-pay-2m-over-illegal-foreclosure-practices/(subscription required)
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