Significant structural changes at the CFPB under the Trump administration; CSBS allows consumer gripes on its examination platform; Ed Pinto complains about the QM patch.
But the scope of the proposal amended in mid-August is much narrower than the original, exempting existing state licensees, including mortgage lenders and servicers, from the California Consumer Financial Protection Law.
California’s plan to create a state-level CFPB back on the table; NCLC calls for prohibition of collection of all time-barred debts; Mr. Cooper nears settlement with the CFPB.
The CFPB issues interpretive rule for determining "underserved areas" under Regulation Z; the CFPB and the OCC to host joint, virtual innovation office hours on July 29 and 30.
Financial institutions are rushing to iron out any remaining compliance wrinkles before the California Consumer Privacy Act comes into effect on July 1.
Mortgages continue to top the list of COVID-19-related complaints; tool to combat elder fraud launched; state regulators form a pandemic steering group; California Assembly Bill 2501 fails to pass.
An updated budget proposal does not scale back the funding needed to create a state-level CFPB despite an anticipated drop in revenue due to the coronavirus pandemic.
Mortgage servicers could violate the CARES Act if they require documentation from borrowers to prove financial hardship or deny forbearance once it’s properly requested, warned the CFPB.
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