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 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’s spring regulatory agenda had only one mortgage-related item: automated valuation models. The bureau expects to issue a proposed rule on the matter in December.
In an interpretive rule, the CFPB affirmed states’ ability to enforce fair credit reporting laws that reflect challenges and risks affecting their local economies and residents.
The bureau plans to review a Federal Reserve immunity provision that safeguards credit card issuers from enforcement scrutiny if they set late fees at a particular level.
The recent changes to the CFPB’s supervision manual that brought discriminatory conduct under its “unfairness” standard are unlawful, a coalition of banking trade groups argued in a new white paper.