Several state AGs seeking answers from the CFPB regarding restitution; CFPB won’t prioritize BNPL enforcement; Pennsylvania kickstarts new consumer complaint tools; CSBS wants preemption regulations rescinded; GAO to investigate CFPB activity; CFPB won’t focus on enforcement actions regarding the small-business lending final rule.
Two operators of peer-to-peer lending platforms, Block and Early Warning Services, saw an unusual surge in consumer complaints filed with the CFPB during the first quarter. (Includes two data tables.)
The bureau intends to focus on “actual fraud,” where there are identifiable victims with measurable damages as opposed to matters based on the bureau’s perception that consumers made “wrong” choices.
The Trump administration’s planned reduction-in-force would terminate more than 1,400 employees at the bureau, reducing the agency’s workforce to around 200 employees.
Population density, the type of lender and creditworthiness all appear to be factors affecting denial rate disparities between same-sex and opposite-sex couples applying for loans.
The bureau’s credit card late fee final rule is officially dead; CFPB plans to revoke advisory opinion reminding collectors of medical debt of their FDCPA obligations; CFPB ends a lawsuit against a company and its CEO; new working papers from the CFPB.
The new preliminary injunction allows for the Trump administration to fire CFPB employees and issue a reduction-in-force to employees, as long as the administration abides by certain provisions.