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Inside the CFPB

July 10, 2023

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CFPB Wants to Retain Streamlined Modifications, Officials Say

Other priorities for a planned proposed rule include reducing notice requirements and documentation burdens. Read More

Industry Lambasts Abusiveness Policy Statement for Lack of Specifics

Consumer financial services trade groups offered their two cents to the CFPB on its April policy statement on abusive acts and practices, arguing the agency had failed to provide specific standards for abusive conduct. Further, they claimed, the current draft would create massive risks for financial institutions. Read More

Student Loan Complaints Down Prior to Court Ruling

Complaints submitted to the CFPB regarding student loans declined in the first half of the year. Most complaints are focused on federal student loans, which were the subject of a recent Supreme Court ruling. Read More

Junk Fee Definition Remains Nebulous, Attorney Says

Attorney James Sandy of McGlinchey Stafford said that while there’s no legal definition of a junk fee, the CFPB has offered several examples, that can provide some lessons to financial institutions. Read More

CFPB, ACI Settle Over Erroneous Servicing Charges

The $25 million settlement is the CFPB’s first enforcement action brought over information handling practices in processing mortgage payments. The settlement is tied to the Electronic Fund Transfer Act. Read More

CFPB Fair Lending Activity Level; Focus on Tech

The bureau initiated 32 fair lending investigations in 2022. The most common issue leading to supervisory communication was related to mortgage origination underwriting policies and guidelines. Read More

FTC Backs ECOA ‘Prospective Applicant’ Protections

The Federal Trade Commission, in an amicus brief supporting a CFPB appeal, said historical practice, Supreme Court precedent and congressional action affirm that the Equal Credit Opportunity Act expressly protects prospective credit applicants. Read More

Other News in Brief

Movement Mortgage settles with DOJ; CFPB, other agencies issue RFI on medical debt; Senate Democrats want action on voice cloning; CFPB says most borrowers in forbearance in 2021 are current now; CFPB paying out to student loan borrowers who were charged illegal fees. Read More

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