While CFPB Director Rohit Chopra is looking to simplify rules and issue more guidance to address uncertainties, some industry participants are skeptical the agency will follow through.
The CFPB affirmed that “convenience” fees charged by debt collectors for payments made through certain means are unlawful unless expressly permitted by law. Trade groups are concerned about the possible impact on mortgage servicers.
The CFPB is looking to hire roughly 25 tech-savvy employees to aid in supervision and enforcement. The positions to be filled range from data scientists to user experience designers.