LoanCare agrees to pay $4.5 million to settle a class-action suit centered on whether “convenience” fees for paying by phone or online are allowed in West Virginia. Meanwhile, the bureau is making servicers refund fees for paying by phone.
Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments.
Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes.
After a quiet period in the early days of Rohit Chopra’s tenure, the CFPB is back on pace with enforcement actions. But the new director’s presence is really being felt in an avalanche of guidance.
Broeksmit criticizes CFPB at annual MBA conference; Senate Democrats ask for remittance rule revisions; bureau reopens payment service comments; CFPB says student borrower finances worsening.
Mortgage Bankers Association's President and CEO Robert Broeksmit said regulations have pushed banks out of the mortgage sector and could do the same to nonbanks if regulators aren’t careful.
CSBS names new policy and supervision chief; CFPB studies student banking; bureau sues remittances firm; DOJ settles discrimination claims with bank; Regulation F MVNs are optional; bureau states clearly false data don’t belong on credit reports.
The lawsuit claims the CFPB overstepped its authority when revising its supervisory exam manual to consider discrimination an unfair, deceptive or abusive act or practice.
RSS