The company has been hit with $5 million in fines and redress, and must change its practices to be compliant with the CFPB's orders or face additional consequences.

"It is likely to cause significant adverse consequences to banks and consumers, including causing the tightening of credit standards," the ABA said of the CFPB's proposal.

HELOCs can fall under the definition of a "credit card plan"  included in the Truth in Lending Act's offset provision, according to the appeals court.

Residential MBS is projected to do fairly well during a mild economic downturn, while auto and student loan ABS may experience some issues, according to projections by Moody’s Investor Service.

Trade groups believe the proposed rule will harm consumers by tightening credit standards. An association representing debt collection agencies warned that the proposal could lead borrowers to take on additional debt they can’t afford.

Sellers repeatedly using contract-for-deed financing must assess a borrower’s ability to repay a loan and provide disclosures, the CFPB said in a new advisory opinion.

Total complaints from users of financial services increased 25.9% on a quarterly basis to a record high of 604,174 in the second quarter of 2024.

Any regulatory action resulting from the CFPB’s recent request for information must be grounded in the bureau’s statutory authority, the Mortgage Bankers Association said.

The CFPB said it is stepping in to stop harmful practices used in contract for deed financing that set up homebuyers to fail.

Consumer ire toward financial services and products doesn’t seem to be abating, with complaints to the CFPB hitting a record high in the second quarter of 2024. (Includes two data tables.)