Senators Seek Data on CFPB Oversight of Student Loan Servicers; House Financial Services Committee Approves Waters’ CFPB Bill; Utah Creates a Regulatory Sandbox for Fintech Firms; CFPB Settles with Online Lead Aggregator.
In May of last year, then acting Director Mick Mulvaney threatened to end public access to the CFPB’s consumer complaint database, calling it “a Yelp run by the federal government.” He issued two requests for information about complaint reporting and handling processes.But it’s been nearly a year since then, and the bureau still hasn’t decided what it should do with the complaint database.
The Office of Inspector General for the CFPB in a new report revealed that the bureau inadvertently scheduled examinations of non-banks that were outside its supervisory jurisdiction, burdening the firms and wasting the agency’s resources.
The public release of the significantly expanded loan-level data reported by lenders has sparked fear among industry participants of increased scrutiny from regulators and public interest groups.
Consumer complaints filed with the CFPB continued on a downward path in the first quarter, according to a new analysis by Inside the CFPB. [Includes one data chart.]
State regulators are enhancing their scrutiny of financial firms, particularly with regard to debt collection and fair lending, given the perceived pullback from the CFPB, state officials and experts said while speaking at a conference hosted by the Consumer Bankers Association last week.
Trade Group Seeks LO Compensation Rule Change; MBA Releases New Paper on CFPB Reforms; CFPB Issues Annual Debt Collection Report; Trump’s 2020 Budget Puts CFPB Under Congressional Appropriations,
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