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.
The CFPB recently fined Texas-based Maxitransfers Corp. $500,000 for violations of the Remittance Transfer Rule. This is the bureau’s first enforcement action under the Electronic Fund Transfer Act.
RSS