| Inside Mortgage Finance

New Debt Collection Proposal Addresses Email, Text Usage

The CFPB issued a proposed debt collection rule to clarify matters looming in the industry, including the use of emails and text messages. If the proposal is finalized, it will be the first time that the industry has clear rules to rely on rather than numerous court precedents.

Total Consumer Complaints Climbed Last Year

A report by a consumer group found that consumer complaints filed with the CFPB increased sharply last year. Various consumer advocacy groups have urged the bureau to keep its complaint database public.

Banks Urge CFPB to Not Give Up Oversight of Credit Unions

Two banking trade groups have asked the CFPB to decline the credit union industry’s request to delegate oversight authority of credit unions to their prudential regulator.

Official Defends Payday Rule Overhaul

A top CFPB official has defended the bureau’s proposed payday lending rule on Capitol Hill as state attorneys general weighed in to oppose the proposal, noting it will limit states’ ability to protect consumers.

CRC Sues CFPB for Pulling Back on Data Collection

The California Reinvestment Coalition sues the CFPB for failing to issue rules on small business lending in time.

CFPB Opens its Door to Reassess and Rescind Rules

The bureau has outlined a plan to review rules that have a significant economic impact on small entities. For starters, the bureau is looking into the 10-year-old overdraft rule that limits the ability of financial institutions to assess overdraft fees without consumer consent.

Ninth Circuit Upholds the CFPB's Constitutionality

The Ninth Circuit Court has ruled that the CFPB’s structure is constitutional, noting there is no need to re-plow the same ground as the D.C. Circuit has already thoroughly discussed it.

Kraninger’s Team-Building Efforts Continue

CFPB Director Kathy Kraninger continues to build her team with new additions to the agency’s senior leadership team. Brian Johnson has been named as deputy director. Separately, Eric Blankenstein, a top enforcement chief at the bureau who was under fire for a racism-tinged blog, has resigned.

Other News in Brief

Inside the CFPB

May 20, 2019

View Archived Issues

New Debt Collection Proposal Addresses Email, Text Usage

Total Consumer Complaints Climbed Last Year

Banks Urge CFPB to Not Give Up Oversight of Credit Unions

Official Defends Payday Rule Overhaul

CRC Sues CFPB for Pulling Back on Data Collection

CFPB Opens its Door to Reassess and Rescind Rules

Ninth Circuit Upholds the CFPB's Constitutionality

Kraninger’s Team-Building Efforts Continue

Other News in Brief

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Inside the CFPB

May 20, 2019

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?