So far this year, the CFPB has brought 44 enforcement actions, with five against debt collectors. The bureau is currently juggling 30 cases, one of the largest litigation dockets in its history.
Community banks expressed disappointment at the proposed outline, noting that the data collection and reporting mandates will undermine their relationship-based banking model.
The CFPB extends the comment period on a request for information that aims to combat lending discrimination; consumers harmed by a mortgage modification service provider can now file claims; the bureau adopts an external peer review procedure; RFI issued on the CARD Act.
CFPB Director Kathy Kraninger has adopted a balanced approach in public enforcement actions in recent months, according to an analysis by one law firm.
The CFPB in a new report noted that the credit card market is growing fast and the use of new technology has potential to enhance consumers’ financial well-being.
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