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.
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.
The CFPB halts reorganization of its supervision, enforcement and fair lending division; the bureau refuses to rescind a policy regarding credit reporting agencies.
The CFPB is asking stakeholders about the possible scope of data that consumers should be allowed to share via authorized third parties, and how much data should be considered “protected” subject to security and privacy concerns.
The renewed push for a change to the LO compensation rule has been sparked by the current highly competitive market conditions, according to industry experts.
The CFPB has brought eight enforcement actions, including six settlements and two lawsuits, in September alone. Four of the settlements resolve charges regarding sending deceptive mailers to veterans.
A survey showed that a majority of homeowners who entered into some sort of COVID-19-related forbearance agreement still got dinged on their credit reports.
The CFPB to host first Tech Sprint in October; agency task force on federal consumer financial law to hold listening session on Tuesday; the CFPB sues Encore Capital for violation of 2015 consent order.
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.
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