A Federal Reserve study evaluated if giving Community Reinvestment Act credit for purchasing loans benefits LMI credit availability, finding that it creates more loan purchases but not more originations.

A recent Supreme Court decision invoking the “major question doctrine” to limit a federal regulator’s authority to interpret statute could have a major impact on other federal agencies, including the CFPB.

An executive at tech vendor Stavvy said the CFPB, instead of acknowledging the work done by servicers during the pandemic, was focusing on one or two servicers whose response time may have lagged.

An appeals court has ruled that monthly statements attempting to induce payment on a debt are covered by both the Truth in Lending Act and Fair Debt Collection Practices Act.

While changes to medical debt reporting should cut the number of medical collections tradelines on consumer reports by two-thirds, most of the dollar amount of medical debt is likely to persist, the CFPB found.

U.S. Bank fined; debt collection FAQs updated; auto lenders reminded of military family protections; NFHA fights BofA’s attempt to dismiss discrimination case; CFPB to require banks to refund money transfer scam victims; Rep. McHenry criticizes alternative data mortgage bill; House Republicans request documents on state AG-CFPB relationships.

Chopra says he wants “to more clearly communicate the agency’s expectations..."

While CFPB Director Rohit Chopra is looking to simplify rules and issue more guidance to address uncertainties, some industry participants are skeptical the agency will follow through.

The CFPB affirmed that “convenience” fees charged by debt collectors for payments made through certain means are unlawful unless expressly permitted by law. Trade groups are concerned about the possible impact on mortgage servicers.

The CFPB is looking to hire roughly 25 tech-savvy employees to aid in supervision and enforcement. The positions to be filled range from data scientists to user experience designers.