According to one study, payday loans respond to supply and demand and don’t generally march upward to state maximums. However, Georgetown law professor Adam Levitin said the study coded state loan maximums incorrectly, invalidating the findings.
Bank overdraft and NSF fee practices in easy-to-read, comparative table; Fourth Circuit overturns ruling on convenience fees; CFPB publishes HMDA data entry helper; five federal agencies launch campaign to tackle dating scams.
Consumer complaints filed with the CFPB topped 500,000 in 2021, hitting a record high. Most of the complaints were against the three national credit reporting agencies. (Includes two data charts.)
The CFPB’s rulemaking efforts to implement consumer financial data access rights under Section 1033 of the Dodd-Frank Act will now include the issue of consumer data portability.
A multistate taskforce investigation revealed that hundreds of mortgage loan originators had falsely claimed to have completed annual continuing education.
The agreement is a part of New York Community Bank’s pending acquisition of Michigan-based Flagstar Bancorp. The investment will cover communities in both banks’ footprints.
Acre Mortgage and Financial has been accused of failure to make all required disclosures and failure to make a reasonable and good faith determination of the borrower’s ability to repay.
The New York Department of Financial Services wants the CFPB to share with state regulators the data it plans to collect on small-business loans. The NYDFS also wants the final rule to extend coverage to include all minority- and women-owned businesses.
In a new request for input, the bureau has asked consumers to share their experiences with fees charged in connection to their mortgages, deposit accounts, credit cards and prepaid accounts, among others.
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