The CFPB estimated that its proposal to establish oversight of payments providers would apply to 17 companies. Companies subject to the proposal are seeking exemptions while consumer advocates called for more expansive protections.
The challenges borrowers of student loans face include long hold times on phone calls, delays in application processing and inaccurate billing statements.
Response Tree allegedly operated more than 50 websites that used deception and dark patterns to trick consumers into providing personal information that was sold to telemarketers.
CFPB issues advisory opinions on background checks, credit file disclosures requested by consumers; banks critical of advisory opinion on information requests; banks look to slow overdraft rulemaking; new servicing requirements in California; Senate fails to override veto of bill that would halt Section 1071 data collection.
The CFPB and nonbank mortgage lender Townstone Financial presented their arguments to the Seventh Circuit Court of Appeals. The arguments centered on whether ECOA applies to prospective applicants.
Republican members of the House pressed CFPB Director Rohit Chopra on his international engagement last month, requesting he publicly disclose meetings held under an informal partnership between the CFPB and the European Commission.
A coalition of state attorneys general filed letters to the CFPB and the Office of the Comptroller of the Currency noting that banks frequently refuse to cooperate with states’ enforcement investigations.
Researchers with the Federal Reserve Bank of New York found that banks with diverse stakeholders — groups like borrowers, depositors and employees — are more averse to inequality and have a higher propensity to approve mortgage applications for minority borrowers.
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