Federal and state agencies are back to fully enforcing communication timing requirements found in Regulation X. However, they will consider the impact of COVID-19 when deciding supervisory and enforcement actions.
In his first testimony to Congress as CFPB director, Rohit Chopra took aim at the agency he inherited, particularly the idea that larger firms get away without proportional punishment compared to smaller ones.
Not happy with the policy statement on abusiveness issued by his predecessor, the bureau’s new director said he wants to create a durable jurisprudence on the meaning of abusiveness.
JPay, a company that helps the government distribute money to people at the end of their prison sentences through debit cards, charged consumers fees to access their own money, the bureau said in its complaint.
A California district court found Jawad Nesheiwat, the company’s COO, guilty of providing consumer credit information to student loan debt-relief companies to use in marketing their services.
A Maryland homeowner sought to file a class action against Bank of America for violating a state law requiring banks to pay interest on funds maintained in escrow accounts.
The bureau filed a joint amicus brief with the Federal Trade Commission in a case that seeks to use a section of the Communications Decency Act to avoid prosecution under the Fair Credit Reporting Act.
Seila Law ends Supreme Court quest; compliance date of 2017 rule delayed again; CFPB joins other regulators on LIBOR statement; CFPB seeks clarity on Regulation O; consumers seek regulation of earned wage access products.