The CFPB’s annual financial report showed an uptick in staffing and expenses but a significant increase in the civil money penalties collected. Victim compensation flagged a bit. (Includes data chart.)
The bureau intends access to the “government portal” to allow cities and counties to be more responsive to consumers. But it also expects the data sharing will enable it to “force-multiply” enforcement efforts.
Auto loans comprise approximately one-third of all non-mortgage debt. Yet most of the data on the market is aggregated, reducing the ability to spot competitive opportunities or potential risks.
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.
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