The tally of enforcement actions by the regulator tied to deceptive VA mortgage advertisements reached seven this month, with more than $2 million in assessed penalties.
Of late, the CFPB has brought four enforcement actions against VA lenders for using deceptive mailers to advertise their government-backed products, assessing steep penalties. Similar regulatory actions are likely to follow.
The CFPB issues interpretive rule for determining "underserved areas" under Regulation Z; the CFPB and the OCC to host joint, virtual innovation office hours on July 29 and 30.
The proposal allows HELOC lenders and credit card issuers to choose a replacement index that is newly established and has no history, or one that is not new but has a track record.
The CFPB recently issued guidance to provide flexibility to credit card issuers in resolving billing disputes with small businesses impacted by the coronavirus pandemic.
The CFPB late January sued Citizens Bank for alleged credit card errors. The lawsuit raises questions about consistency in the bureau’s enforcement strategy under its current leadership.