Consumer financial services trade groups offered their two cents to the CFPB on its April policy statement on abusive acts and practices, arguing the agency had failed to provide specific standards for abusive conduct. Further, they claimed, the current draft would create massive risks for financial institutions.
Complaints submitted to the CFPB regarding student loans declined in the first half of the year. Most complaints are focused on federal student loans, which were the subject of a recent Supreme Court ruling.
Attorney James Sandy of McGlinchey Stafford said that while there’s no legal definition of a junk fee, the CFPB has offered several examples, that can provide some lessons to financial institutions.
The $25 million settlement is the CFPB’s first enforcement action brought over information handling practices in processing mortgage payments. The settlement is tied to the Electronic Fund Transfer Act.
The bureau initiated 32 fair lending investigations in 2022. The most common issue leading to supervisory communication was related to mortgage origination underwriting policies and guidelines.
The Federal Trade Commission, in an amicus brief supporting a CFPB appeal, said historical practice, Supreme Court precedent and congressional action affirm that the Equal Credit Opportunity Act expressly protects prospective credit applicants.
Movement Mortgage settles with DOJ; CFPB, other agencies issue RFI on medical debt; Senate Democrats want action on voice cloning; CFPB says most borrowers in forbearance in 2021 are current now; CFPB paying out to student loan borrowers who were charged illegal fees.
Most GSE sellers increased production in the second quarter, though first-half deliveries were still off 60.9% from a year ago. (Includes two data charts.)
RSS