Even though the CARES Act grants relief from adverse credit reporting, some borrowers in forbearance plans have complained of a drop in their credit scores.
Some trade and consumer groups also expressed concerns over the timing of the request for information, calling upon the CFPB to extend the comment period.
An updated budget proposal does not scale back the funding needed to create a state-level CFPB despite an anticipated drop in revenue due to the coronavirus pandemic.
The proposal allows HELOC lenders and credit card issuers to choose a replacement index that is newly established and has no history, or one that is not new but has a track record.
A district court in Delaware denied a motion for the entry of a consent judgment because the law firm that signed the settlement lacked authority from the defendants.
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