Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products.
The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.
Rep. Maxine Waters urges CFPB leadership not to finalize any “midnight” regulations; Upstart receives no-action letter; CFPB brings lawsuits against online lender LendUp Loans and debt-relief service provider DMB.
Much of the conversation over the past few weeks following the election of Joe Biden to the White House has focused on the bureau’s mortgage-related actions.
Mortgage trade groups are asking the CFPB to expressly permit servicers, in the case of escrow shortage, to include a lump-sum repayment option in account statements.
For 2021, the appraisal exemption threshold for higher-priced mortgages remains unchanged at $27,200, according to a joint announcement by the CFPB, the Federal Reserve Board and the OCC.
Names of possible successors to Kathy Kraninger include two from Sen. Elizabeth Warren’s inner circle: Rep. Katie Porter and FTC Commissioner Rohit Chopra.