The CFPB last month issued its first contested supervisory designation order against a nonbank. The bureau said other companies that had received notices consented to supervision.
Large credit card issuers’ late fees will be capped at $8 in a few months following a new rule from the CFPB. Industry groups have filed a lawsuit to stop implementation of the rule.
The CFPB’s Office of Supervision Examination has capped the time an examiner can be assigned to an entity to a maximum of five years. The OSE is also set to launch a tool to track examiner assignments.
A CFPB circular warning operators of digital comparison-shopping tools against engaging in preferential treatment isn’t sitting well with industry participants.
David Bunton, who has been serving as president of the Appraisal Foundation for more than 33 years, was recently thoroughly questioned by CFPB Director Rohit Chopra regarding transparency, conflict of interest and selection of his successor. Bunton is set to retire this year.
The American Bankers Association in a series of letters to the CFPB and other federal regulators raised concerns over “characterizing as guidance what is in practice a legislative rule” that is required to go through a formal notice-and-comment rulemaking.
Richard Horn, a partner at the law firm of Garris Horn, said a huge barrier to participating in this program is whether software exists to populate forms in the manner described in the template.