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.
While Republicans and Democrats continue to bicker over a second COVID relief package, industry groups warned that further halting of negative credit reporting may be disruptive to the market.
Section 1033 of the Dodd-Frank Act ensures consumers have access to, and the ability to leverage, data in their records. The question is how much data consumer-authorized third parties can access from bank accounts.
The CFPB files lawsuit against companies providing student loan debt relief services; the CFPB encourages stakeholders to use its innovation programs to address regulatory uncertainties.
The CFPB clarified that furnishing a special code for tasks, such as disaster relief, is not a substitute for complying with CARES Act’s credit reporting requirements.