During the last months, the Consumer Financial Protection Bureau (CFPB) has introduced changes in its procedural rules to be able to tackle its ambitious agenda in a timely manner. Additionally, last month, the agency announced that it would dust off an old rule to investigate...
The Consumer Financial Protection Bureau (CFPB) announced in a Monday (May 16) blog post that it is launching a new initiative to ensure that other agencies with consumer financial protection responsibilities apply the rules in a consistent manner. The CFPB will issue Consumer Financial Protection...
The Consumer Financial Protection Bureau (CFPB) on Monday (May 16) published a report on mortgage services’ responses to the COVID-19 pandemic, saying homeowners “continue to face significant risks and challenges,” based on data collected from 16 large servicers from May to December 2021. “While many...
The Consumer Finance Protection Bureau (CFPB) has finalized an enforcement action against RAM Payment and Account Management Systems, two payment processors working with debt relief, over collecting debt-relief fees from consumers and lying about the specifics. According to a CFPB press release Wednesday (May 11),...
On Monday, May 9, a Fifth Circuit panel questioned whether a U.S. Supreme Court ruling requires the Consumer Financial Protection Bureau (CFPB) to invalidate a 2020 payday rule and to restart the process of new payday loan regulations. Christian Vergonis, attorney for the industry trade...
The Consumer Financial Protection Bureau (CFPB) has published an advisory opinion to affirm that banks and other lenders need to follow fair lending laws when canceling loans or changing terms and not just during the application process. According to the advisory opinion published on Monday...
On April 26 and 27, during his testimonies at the Senate and the House, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB) offered important insights into the regulator’s next moves. One of them was open banking. Mr. Chopra said that he would like...
The Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report Monday (May 2), showing the high amount of wrongful auto repossessions by servicers. According to a CFPB press release, the report found that some servicers have engaged in various unfair ways of repossessing vehicles,...
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB) gave his testimony before the House Committee on Financial Services on Wednesday (April 27), one day after attending a similar hearing in a Senate Banking committee. While the written testimony of Chopra was identical in...
