CFPB Acting Director Russell Vought is required by the Dodd-Frank Act to determine the amount of funding “reasonably necessary” to carry out the bureau’s responsibilities, according to consumer advocacy groups.
The new policy requires examiners to read out a statement before conducting company reviews, signaling a shift to more transparent, narrower exams focused on tangible consumer harm.
Sen. Elizabeth Warren, D-MA, though raised concerns about efforts by CFPB Acting Director Russell Vought and the Trump administration to “sideline” the CFPB.
The court determined that when used retroactively, the new state foreclosure-protection law in New York doesn’t interfere with mortgage lenders’ due process rights.
A Maryland court ruled that Lakeview Loan Servicing and Nationstar Mortgage are subject to state prohibitions against charging convenience fees for monthly mortgage payments via phone.
Federal Reserve examiners have identified several compliance violations related to flood insurance coverage and notices, force placement and loan modifications.
The CFPB’s annual Fair Debt Collection Practices Act report showed that consumers’ debt collection issues were largely tied to attempts to collect debt that consumers didn’t owe.
ABA asks the CFPB to retract documents that target credit card rewards; former CFPB Director Rohit Chopra working with Democratic state AG group; Waters pushes House committee to hear from CFPB director.
Sen. Elizabeth Warren, D-MA, said there’s a possibility that Congress will use the Congressional Review Act to overturn the proposal if it’s finalized.
Impairments on unsecured consumer loans increased the most in Washington, DC, Maryland, and Virginia during October, with borrowers impacted by the partial shutdown of the federal government.