The Fourth Circuit this month ruled that the Truth in Lending Act’s offset provision, which prevents credit card issuers from dipping into a consumer’s deposit account to cover outstanding payments on their credit cards, applies to credit cards tied to a home equity line of credit.
The bureau said it is making clear that there is no exception to the federal consumer financial protection laws for new technology and ensuring regulations don’t stifle competition in pricing or favor incumbents.
The CFPB does not intend to seek penalties for violations of the interpretive rule while BNPL lenders are transitioning into compliance in a good faith and expeditious manner.
Trade groups representing banks believe the proposed rule would reduce a lender’s ability to accurately assess a borrower’s ability to repay. Meanwhile, consumer advocacy groups sought to debunk many of the arguments put forth by the opposers of the rule.
Although outstanding advances increased slightly in the second quarter, most large banks and thrifts cut FHLBank borrowing from first-quarter levels. (Includes two data tables.)
Even with the implementation of new asset haircuts and other restrictions into the private mortgage insurance eligibility requirements framework, GSE-approved insurers say they will still have large available asset buffers.
Freddie Mac bulletins clarify how single-family sellers should deal with self-employed income and the types of public records searches required for multifamily sellers.
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