While the GSE said in January that it planned to move its headquarters five years ahead of schedule, it will now remain in the property, but only occupy about half as much space.
A new rule is expected from the bureau in the coming months that will require businesses under the CFPB's jurisdiction to allow consumers to speak with a human service representative at the click of one button.
As part of a White House initiative, the CFPB is launching a rulemaking to put a stop to customer service processes that waste consumers’ time and money.
The advisory opinion holds that contract-for-deed sellers must adhere to Truth in Lending Act requirements such as assessing buyers for repayment and providing borrowers with disclosures.
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.
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