If capital and liquidity requirements for nonbank servicers are too stringent, firms could leave the business and borrowers’ costs for mortgages could increase.
JPay, a company that helps the government distribute money to people at the end of their prison sentences through debit cards, charged consumers fees to access their own money, the bureau said in its complaint.
Amazon, Apple, Facebook, Google, PayPal and Square have been ordered to provide information regarding their payment platforms. The CFPB said the order was part of a market monitoring effort.
Seila Law ends Supreme Court quest; compliance date of 2017 rule delayed again; CFPB joins other regulators on LIBOR statement; CFPB seeks clarity on Regulation O; consumers seek regulation of earned wage access products.