The next round of improvements is expected to go live during the third quarter and will include a new FBI identity verification requirement for some users.
Plaintiffs argued that fees charged to expedite payment were in violation of a Fair Debt Collection Practices Act provision that prohibits the collection of any amount unless it was expressly authorized when the debt was created.
A California law requiring interest to be paid on escrow account balances doesn’t “significantly interfere” with the powers of national banks, state regulators argue.
The bulk of the complaints submitted to the CFPB last year involved inaccurate information on credit reports. Transunion, Equifax and Experian, as usual, were the most-complained about companies. (Includes two data tables.)
CFPB Director Rohit Chopra made a reputation as an aggressive and active regulator, going after bank overdraft charges, credit card late fees and big nonbanks’ wallet apps.
Former CFPB Director Kathy Kraninger said with GOP control of the House and the Senate, it’s possible that the Trump White House will revamp the structure of the CFPB.
A potential slowdown of regulations and actions taken by the CFPB during the second Trump administration could alleviate regulatory pressure on financial service providers.
The Seattle-based bank attributed its decision to exit the mortgage business in part to burdensome CRA requirements. The bank received a “need to improve” CRA rating on its lending to low- and moderate-income borrowers. WaFd said it plans to appeal the rating.
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