A Florida federal judge termed a CFPB lawsuit against Ocwen Financial for widespread mortgage servicing failures as “shotgun pleading.” The court, however, allowed the CFPB to amend and refile the suit.
The CFPB in a recent amicus brief defended states’ authority to bring parallel claims against financial institutions for unfair, deceptive and abusive acts or practices.
Highlands Residential Mortgage COO suggests the CFPB raise the DTI ratio to 45% to accommodate borrowers who have a proven track record of responsible credit management.
The CFPB in a new report noted that the credit card market is growing fast and the use of new technology has potential to enhance consumers’ financial well-being.
The CFPB recently fined Texas-based Maxitransfers Corp. $500,000 for violations of the Remittance Transfer Rule. This is the bureau’s first enforcement action under the Electronic Fund Transfer Act.