The proposed Fair Lending for All Act would require the CFPB to establish a fair lending testing office. It also aims to expand HMDA reporting requirements and strengthen the ECOA.
The agency has initiated an investigation into unauthorized funds transfers and the debt collection practices of Venmo, a mobile payment app controlled by PayPal.
With the compliance date for the new QM rule fast approaching, the CFPB acting director’s statement about “exploring options” to maintain status quo with respect to QMs has many in the industry confused and anxious.
Travel is expected to make a comeback in 2021, but it could be years before pre-pandemic levels are met. Meanwhile, delinquency rates for commercial loans improved in January.
State attorneys general said the proposed settlement is a step backward because it not only allows PHH to continue charging an “illegal” processing fee but increase it as well.
DFPI Commissioner Manuel Alvarez: “We take our expanded responsibility very seriously and are moving swiftly to ensure debt collectors do not violate the rights of California consumers.”
The CFPB acting director promised aggressive action against companies that have failed to provide relief to consumers during the pandemic. He also plans to reverse his predecessor’s “relaxed approach.”