The Fifth Circuit Court of Appeals, in ruling on the validity of a CFPB 2017 payday lending rule, found the funding structure underlying the agency’s actions unconstitutional. Depending on the results of an appeal, it could spell serious trouble for the bureau.
Mortgage Bankers Association's President and CEO Robert Broeksmit said regulations have pushed banks out of the mortgage sector and could do the same to nonbanks if regulators aren’t careful.
The American Financial Services Association defended its members following a report from the Center for Responsible Lending that criticized “high-cost installment loans.”
The CFPB alleges Active Network, used by community groups to plan events, tricked consumers into signing up for annual memberships by manipulating them.
The Mortgage Bankers Association, alongside national bank trade groups and local mortgage industry groups, sent a comment letter to a DC councilmember requesting the bill be shelved.
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