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Inside the CFPB

March 29, 2021

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What’s Holding Back Rohit Chopra’s CFPB Nomination?

Many industry insiders believe the reason for the delay is to prevent the Federal Trade Commission from obtaining a Republican majority when FTC Commissioner Rohit Chopra resigns to take charge at the CFPB. Read More

CFPB Signals Support for ATR Under Payday Rule

Acting Director Dave Uejio expressed concerns about any business model that is dependent on consumers’ inability to repay their loans. Read More

Bureau Monitoring Possible Seizure of Stimulus Checks

Unlike the first two rounds of COVID-19-related relief payments, the latest $1,400 check isn’t protected from being garnished by debt collectors. Read More

LOs Win Class Classification in Wells Fargo Pay Dispute Lawsuit

Loan officers employed with the megabank since May 2016 claim the depository unlawfully required significant off-the-clock work and failed to properly calculate overtime. Read More

Mortgage Gripes Filed with CFPB Reverse Trend in 2020

After trending down for three consecutive years, mortgage-related complaints filed with the CFPB increased sharply in 2020. Read More

CFPB Sues California Student Loan Debt Relief Company

As more borrowers look to modify their debt when pandemic-related moratoriums end, the CFPB is likely to increase scrutiny of companies offering such relief, an industry attorney said. Read More

CFPB Declines to Stay $51M Order Against Payday Lender

The agency has granted the now-defunct Integrity Advance 30 days to seek a stay from the U.S. Court of Appeals for the 10th Circuit. Read More

CFPB Submits FDCPA Annual Report to Congress

The bureau brought four public enforcement actions last year for alleged violations of the Fair Debt Collection Practices Act. Read More

Other News in Brief

The CFPB issues a civil investigative demand to Oportun Financial Corp; California’s DFPI reiterates “aggressive” enforcement stance. Read More

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