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Inside the CFPB

December 7, 2020

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Consumer Group Lawsuits Aim to Overturn Trump-Era Rules

Consumer advocacy groups are hoping their recent lawsuits have set the stage for the Biden administration to overturn lax Trump-era rules. Read More

Mr. Cooper to Pay $91M to Settle Past Servicing Violations

Mr. Cooper will pay $91.3 million to settle with state regulators and the CFPB for violations of federal and state servicing rules, according to an agreement released this week. Read More

CFPB Finalizes Advisory Policy, Issues Two Opinions

Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products. Read More

Industry Wants More Flexibility Under Fair Lending Rule

Consumer advocacy groups, on the other hand, have urged the bureau to restore Obama-era interpretations and provide more consumer protection. Read More

GAO Urges CFPB to Update Model Form for Disclosures

The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis. Read More

CFPB Enhances Website to Include Enforcement Data

The CFPB’s website now includes an interactive enforcement database, plus an option to request rulemaking and archived reports and press releases. Read More

Research Backs TRID Rule Benefits for Borrowings

The CFPB’s integrated mortgage disclosure rule has helped reduce borrowing costs particularly for first-time and disadvantaged homebuyers, a new study finds. Read More

CFPB Boosts Executive Team Weeks Before Biden Inauguration

The CFPB added four new hires to its executive lineup. Most are lifelong public servants and hail from other federal and state agencies. Read More

Other News in Brief

Rep. Maxine Waters urges CFPB leadership not to finalize any “midnight” regulations; Upstart receives no-action letter; CFPB brings lawsuits against online lender LendUp Loans and debt-relief service provider DMB. Read More

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