The third meeting this year between officials of the CFPB and the CMLA focused on the loan originator compensation rule. The trade group noted that bureau Director Kathy Kraninger is open to industry feedback.
The CFPB named a high-ranking official of a student loan servicer as the bureau’s private education loan ombudsman. The move has drawn criticism from consumer groups.
A dozen Republican state attorneys general asked the Supreme Court to review the challenge to the CFPB’s structure, stating their belief the bureau directorship is unconstitutional.
Democratic lawmakers have called for the removal of Eric Blankenstein, currently a HUD official, after it was found that he likely abused his authority at the CFPB in dealing with a controversy tied to his racially-charged writings of the past.
The CFPB updated its 2016 advisory notice on elder financial abuse. Though the recommendations are voluntary, companies that fail to comply might become targets of enforcement actions, attorneys warned.
While industry groups support the CFPB’s plan to review rules that have significant economic impact on small entities, consumer groups suggest the bureau restrict the plan.
The CFPB and New York attorney general together fined debt collectors more than $60 million for illegal collection practices in a recent enforcement action.
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