The Civil Penalty Fund has not been used for consumer education or financial literacy for some years. Advocates say it is time to fund the education function.
A new Urban Institute report shows that owner-occupied purchase lending in predominantly minority areas, especially by banks, was disproportionately low. The same was true for loans to minority borrowers.
A significant increase in renewal volume combined with system upgrades left a portion of NMLS users unable to complete renewals. Meanwhile, some filers had to be refunded for incorrectly charged payments. CSBS provided guidance on how to proceed.
Two CBA executives argued that regulation by enforcement means compliant behaviors can change at a moment’s notice and cause confusion for the industry as firms try to interpret enforcement outcomes. Rulemaking and guidance, they believe, is the way to go.
A partner at Alston & Bird said the bureau’s orders to six tech firms operating payment systems may have violated the Paperwork Reduction Act. The rule requires months of public outreach and OMB approval before information collection requests can be sent.
The bureau held a press call last week discussing data on overdraft and NSF fees from two reports and outlining the steps it intends to take to reduce such fees. The reports show banks’ revenue from these fees is relatively stable, save for a significant drop in 2020.
Since a November congressional hearing, evidence that BNPL is here to stay has only grown. Consumer advocates are asking CFPB to step in and regulate the space.
Regulators issue rule mandating outreach in case of computer system breaches; CFPB announces four regulatory threshold adjustments; former CFPB Director Cordray considered for Fed supervision role; CFPB admits violating law in creating task force.
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