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.
Even though the CARES Act grants relief from adverse credit reporting, some borrowers in forbearance plans have complained of a drop in their credit scores.
An updated budget proposal does not scale back the funding needed to create a state-level CFPB despite an anticipated drop in revenue due to the coronavirus pandemic.
The Office of the Comptroller of the Currency last week went it alone to finalize its Community Reinvestment Act overhaul. The final rule would restore the geographic distribution test for mortgage lending.
Several trade and consumer groups are lobbying the Federal Communications Commission to exempt robocalls regarding forbearance options during the pandemic from the Telephone Consumer Protection Act.
RSS