The servicer argued that the borrower hadn't returned the loan modification agreement in time. But the court said that detail was a matter of factual dispute.
The CFPB and the Federal Trade Commission weighed in with the 11th Circuit Court of Appeals, arguing that a lower court ruling would hurt the enforceability of the Military Lending Act.
Supreme Court grants extension for response to bureau appeal; CFPB slams tenant background checks; CFPB, NY AG penalize 9/11 fraudster; CFPB files enforcement action for “fake” CD accounts.
LoanCare agrees to pay $4.5 million to settle a class-action suit centered on whether “convenience” fees for paying by phone or online are allowed in West Virginia. Meanwhile, the bureau is making servicers refund fees for paying by phone.
Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments.
Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes.
The bureau moved one step closer in its long-awaited consumer-permissioned data sharing rule, releasing an outline of proposals to small business representatives.