Almost 10 months into Acting Director Mick Mulvaney’s tenure at the CFPB, the bureau filed its first new lawsuit. The CFPB last week filed charges against Future Income Payments (FIP), Irvine, CA, in federal district court in the Central District of California. The bureau alleged that FIP’s pension-advance products were loans with interest rates “that are substantially higher than credit card interest rates,” according to the complaint, which also names the company's owner ...

CFPB Updates Model Disclosures Under Fair Credit Reporting Act . The CFPB last week issued an interim final rule updating two model disclosures to reflect changes made to the FCRA by the recent Dodd-Frank reform act.The Economic Growth, Regulatory Relief, and Consumer Protection Act, which became law in May, requires nationwide consumer reporting agencies to provide “national security freezes” free of charge to consumers. The [Includes three briefs] ...

If all goes well, the net proceeds will total $20.25 million.

It may be hard to fathom, but Fannie and Freddie once played with very sharp elbows…

Federal regulators should issue regulations that would help banks sell loans and maintain the marketplace lending business model, according to lawyers representing the financial institutions. It’s not every day that lenders seek federal regulation, but preemption of state regulations and unfavorable court rulings can prompt calls for help.

But the program has been a dud...

The Mortgage Bankers Association is working to reduce the speed talking and fine print that tend to accompany advertisements for mortgages. Currently, ad-disclosure requirements for mortgages vary by state. In August, Illinois became the first state to adopt a uniform ad-disclosure protocol supported by the MBA. Mortgage ads in the Prairie State must now include a reference to the Nationwide Multistate Licensing System and Registry’s consumer access website and cite ...

So far, the final rule has not been delivered for OMB review, a process that in the past has sometimes taken months to complete.

The release of the Department of Housing and Urban Development’s long-anticipated final rule on condominium lending reform, which aims to boost FHA activity in the sector, may take longer than expected, according to industry participants.

In the most recent step to encourage fintech innovation, the Consumer Financial Protection Bureau is retooling its policy to spur improved alternative consumer disclosures.