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Inside the CFPB

May 24, 2021

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Proposed Halt in Foreclosures Receives Mixed Feedback

In a joint comment letter, the Mortgage Bankers Association and the National Mortgage Servicing Association said they support the proposed rule’s objectives but many of the CFPB provisions require “several critical improvements.” Read More

Appeals Court Finds Use of Letter Vendors Violates FDCPA

The ruling could have a significant impact on the debt-collection industry, which may have to in-source many of the services currently handled by third-party vendors. The cost could be substantial. Read More

House to Follow Senate, Vote to Strike ‘True Lender’ Rule

A repeal of the rule under the Congressional Review Act would be a largely symbolic gesture, with the risks for marketplace lenders remaining unchanged, according to attorneys tracking the issue. Read More

House Passes Bill Imposing Limits on Debt Collectors

The Comprehensive Debt Collection Improvement Act would amend several consumer finance statutes in order to enhance protections for consumers, students, servicemembers and small businesses. Read More

More Settlements Reached in Credit Report Fraud Case

The settlements tied to the 2020 Monster Loans case, in which unlawfully obtained credit reports were provided to debt-relief companies, now top $46 million. Read More

Servicemembers Complain the Least About Mortgages

Mortgages are on the servicemember complaint list but rank lower on the gripe scale than other products. Read More

Mayer Brown: States Crafting New Enforcement Mechanism

States are becoming more aggressive in creating new requirements for mortgage licensing and in their interpretation of licensing statutes. Read More

Other News in Brief

Ninth Circuit refuses to rehear Seila Law case; new TRID rule guidance; U.S. Bank faces scrutiny; Wells Fargo monthly fees on CFPB radar; landlords get notices; agencies extend comment period deadline for AI; debt-settlement firm settles charges; new hire at California’s DFPI. Read More

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