The CFPB may scrap the underwriting requirements of its 2017 payday lending rule, according to a proposal released last week. In the meantime, the rule’s compliance date has been pushed back to Nov. 19, 2020, from Aug. 19, 2019.
Issuers of auto ABS will likely continue to complete clean-up calls on seasoned transactions even in a rising interest-rate environment, according to S&P Global Ratings. The rating service said clean-up calls yield a positive impact for auto ABS issuers and investors.
Seth Frotman, the former student loan ombudsman who dramatically quit the CFPB in August, has launched his own initiative to help solve the student debt crisis.
Performance of ABS backed by credit-card receivables remained strong in the third quarter of 2018 despite rising consumer-debt levels, according to an update from Moody’s Investors Service.
Lenders no longer need to start complying with the CFPB’s payday-lending rule on Aug. 19, 2019, a judge ruled. In an unexpected development, Judge Lee Yeakel of the U.S. District Court for the Western District of Texas Austin Division last week reversed his prior orders that denied the request to delay the compliance date of the payday rule. The case was filed by two industry groups – Community Financial Services Association of America and Consumer Service Alliance of Texas ...
The CFPB’s recent complaint snapshot report hinted at a possible focus of the upcoming debt collection rules, said attorneys. Credit reporting, debt collection, and mortgage continued to be the three categories that drew the most consumer complaints, according to the report. Among public gripes regarding debt collection practices, some 40 percent said companies “attempt to collect debt not owed.” It is a significant trend, said attorneys, because Acting CFPB Director Mick Mulvaney ...