The legislation is aimed at replacing the CFPB’s single director with a five-member bipartisan commission. Meanwhile, the Supreme Court is close to ruling on the constitutionality of the CFPB.
Industry trade groups have criticized the CFPB for issuing guidance that is largely repetitive. They want the agency to fix disclosure issues regarding title insurance premiums.
The CFPB clarified that furnishing a special code for tasks, such as disaster relief, is not a substitute for complying with CARES Act’s credit reporting requirements.
Financial institutions are rushing to iron out any remaining compliance wrinkles before the California Consumer Privacy Act comes into effect on July 1.
Mortgages continue to top the list of COVID-19-related complaints; tool to combat elder fraud launched; state regulators form a pandemic steering group; California Assembly Bill 2501 fails to pass.
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.
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