The bureau’s special supervisory highlights report cites instances of university-owned lenders withholding academic transcripts to coerce borrowers into making payments.
The Federal Trade Commission and California’s Department of Financial Protection and Innovation have initiated action against a group of companies for making false claims related to mortgage modifications.
The Center for Responsible Lending and Consumer Bankers Association have jointly requested rulemaking on personal lending, while the National Consumer Law Center wants rulemaking to prohibit the listing of medical debt on credit reports.
CFPB Director Rohit Chopra explains how the bureau’s recent big moves are tied to his views on the functioning and regulation of consumer financial markets and products.
The 11th Circuit Court of Appeals found that a plaintiff alleging a Federal Debt Collection Practices Act violation had to prove concrete harm, not just a statutory violation, to have standing.