The Government Accountability Office recommended that the CFPB clarify which financial institutions can offer rehabilitation programs to private student loan borrowers. But the bureau decided otherwise.
The adoption of new technologies will pose challenges for originators to comply with fair lending rules and for regulators to detect hidden discrimination.
Senators Seek Data on CFPB Oversight of Student Loan Servicers; House Financial Services Committee Approves Waters’ CFPB Bill; Utah Creates a Regulatory Sandbox for Fintech Firms; CFPB Settles with Online Lead Aggregator.
The Office of Inspector General for the CFPB in a new report revealed that the bureau inadvertently scheduled examinations of non-banks that were outside its supervisory jurisdiction, burdening the firms and wasting the agency’s resources.
In the latest installment of its “prevention of harm” philosophy, the CFPB criticized servicers for their handling of Home Equity Conversion Mortgages but failed to levy penalties, according to the bureau’s recent supervisory highlights report.
The CFPB is calling upon financial institutions to submit a self-assessment of their diversity and inclusion activities, according to the law firm Ballard Spahr.
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