Mr. Cooper will pay $91.3 million to settle with state regulators and the CFPB for violations of federal and state servicing rules, according to an agreement released this week.
Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products.
The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.
The CFPB’s integrated mortgage disclosure rule has helped reduce borrowing costs particularly for first-time and disadvantaged homebuyers, a new study finds.
Rep. Maxine Waters urges CFPB leadership not to finalize any “midnight” regulations; Upstart receives no-action letter; CFPB brings lawsuits against online lender LendUp Loans and debt-relief service provider DMB.
Mr. Cooper will pay a total of $91.3 million to settle allegations by 51 state attorneys general and the Consumer Financial Protection Bureau over servicing violations since 2014.
Nearly 30% of borrowers with loans in the deal have received forbearance or a deferral. The servicer, Citadel, will not make advances on delinquent payments.
RSS