In a July 23, 2013 Press Release, the CFPB announced it had filed a federal civil complaint against a mortgage lender for violations of the Regulation Z loan originator compensation rule. The redacted text of the CFPB’s July 23, 2013 Press Release is reprinted below: “The Consumer Financial Protection Bureau (CFPB) today filed a complaint in federal district court against a mortgage company and two of its officers for illegally giving bonuses to loan officers who steered consumers into mortgages with higher interest rates. The CFPB is seeking an end to this unlawful practice, restitution for those consumers who were upcharged, and civil money penalties. “The mortgage company originated approximately $1.3 billion in loans in 2012. The company does business in approximately 22 states and maintains approximately 45 branches across the country. Download complete memorandum below
