CFPB Releases Small Entity Compliance Guide for Payday Rule; CFPB Updates List of Rural and Under-served Counties; CFPB Seeks Assistant Director for the Office of Regulations.

The payday lending rule proposal released early this month has sparked different reactions from CFPB watchers.

The mortgage industry would likely benefit from the CFPB’s proposed new policy on its no-action letter and sandbox program, said industry experts.

Almost two dozen Democratic state attorneys general have opposed the CFPB’s proposal to encourage industrywide innovation under the cover of regulatory sandboxes. In a comment letter sent to CFPB Director Kathy Kraninger, the AGs said the proposal is “ill-considered.”

The CFPB is soliciting input from stakeholders regarding their experiences in the credit card market and on the overall health of the sector.

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.

Consumer advocacy groups have urged the CFPB to impose strict limits on debt collection agencies in order to protect consumers from abusive practices.

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.

A “suppressed” CFPB report showing that the nation’s largest banks were ripping off students by charging high fees has now come to light.

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.