CFPB – Regulatory Report

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[ May 22, 2020 ] Lawsuit charges deceptive actions, practices against Boston-based credit repair business CFPB
[ May 22, 2020 ] Credit union regulator is first among federal regulators to bid bank regulator fond farewell NCUA
[ May 22, 2020 ] CFPB ‘no action letter’ templates issued for mortgage loss mitigation, small-dollar loan programs CFPB
[ May 22, 2020 ] NCUA reminds May 31 is deadline to apply for streamlined CDFI certification process NCUA
[ May 22, 2020 ] Coronavirus crisis-related complaints related to mortgages, credit cards listed as tops by agency CFPB

Lawsuit charges deceptive actions, practices against Boston-based credit repair business

May 22, 2020 0

A credit repair company based in Boston faces a joint lawsuit by state and federal authorities charging the firm violated prohibitions against deceptive acts or practices in collecting at least $23 million in fees from […]

CFPB ‘no action letter’ templates issued for mortgage loss mitigation, small-dollar loan programs

May 22, 2020 0

Two templates that providers can use to seek “no action letters” (NALs) for use of a specific online mortgage loss mitigation application platform and for their small-dollar credit products were released Friday by the Consumer […]

Coronavirus crisis-related complaints related to mortgages, credit cards listed as tops by agency

May 22, 2020 0

Complaints about mortgages and credit cards top those related to the coronavirus crisis that have been received by the federal consumer financial protection agency during the pandemic, the agency said Friday, with total complaints reaching […]

GAO report: Public comments have led to ‘at least some’ substantive changes for final rules; CFPB among the 10 surveyed

May 19, 2020 0

A report by the congressional watchdog showed that of the 52 program offices in 10 agencies surveyed – the Consumer Financial Protection Bureau (CFPB) being the only one of the 10 which is primarily concerned […]

Video aims to show consumers they can receive economic impact payments via debit card

May 19, 2020 0

A video intended to illustrate to consumers how they can receive coronavirus-related economic impact payments (EIPs) on a prepaid debit card, beginning this week, was released Tuesday by the Consumer Financial Protection Bureau (CFPB). The […]

Blaming pandemic (again), bureau adds 60 more days to comment period on ‘time-barred debt’ (again)

May 19, 2020 0

Sixty more days are added to the comment period for a proposed rule on debt collections past the statute of limitations, the federal consumer financial protection agency said Tuesday, making this the second extension for […]

Guide aims to outline borrowers’ rights to mortgage payment forbearance, foreclosure protection

May 15, 2020 0

Borrowers’ rights to mortgage payment forbearance and foreclosure protection under sweeping legislation enacted to respond to the financial impact of the coronavirus crisis is outlined in a guide released Friday by the federal consumer financial […]

Bureau seeks redress of $18 million against mortgage lender Monster Loans for deceptive practices, illegal fees

May 14, 2020 0

A judgment for redress of $18 million, and fines totaling $450,000, have been proposed for a California mortgage lender to pay for unlawfully obtaining consumer reports that led to deceptive marketing of services and charging […]

Flexibilities for credit issuers, consumers amid COVID-19 disruptions outlined in CFPB statement, FAQs

May 14, 2020 0

Creditors that take longer than required by Regulation Z to resolve an open-end credit account billing error notice will not be cited for a violation in an examination or face an enforcement action if it […]

Highest monthly consumer complaint volumes ever (March, April) cited by CFPB director; mortgages, credit cards top those related to COVID-19

May 12, 2020 0

The director of the Consumer Financial Protection Bureau (CFPB) on Tuesday told real estate industry and financial literacy meeting attendees that the bureau received the highest monthly number of consumer complaints in the bureau’s history […]

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Lawsuit charges deceptive actions, practices against Boston-based credit repair business

May 22, 2020 0

A credit repair company based in Boston faces a joint lawsuit by state and federal authorities charging the firm violated prohibitions against deceptive acts or practices in collecting at least $23 million in fees from consumers, the agencies said Friday. [...]
Credit union regulator is first among federal regulators to bid bank regulator fond farewell

May 22, 2020 0

Outgoing Comptroller of the Currency Joseph Otting received a warm farewell from the board chairman at the federal credit union regulator Friday, the first (and, so far, only) of the national bank regulator’s federal regulator colleagues to do so. National [...]
CFPB ‘no action letter’ templates issued for mortgage loss mitigation, small-dollar loan programs

May 22, 2020 0

Two templates that providers can use to seek “no action letters” (NALs) for use of a specific online mortgage loss mitigation application platform and for their small-dollar credit products were released Friday by the Consumer Financial Protection Bureau (CFPB). A [...]
NCUA reminds May 31 is deadline to apply for streamlined CDFI certification process

May 22, 2020 0

A reminder that credit unions have only until May 31 to apply to use the National Credit Union Administration’s streamlined process for obtaining community development financial institution (CDFI) certification was issued by email Friday by the agency. The NCUA notes [...]
Coronavirus crisis-related complaints related to mortgages, credit cards listed as tops by agency

May 22, 2020 0

Complaints about mortgages and credit cards top those related to the coronavirus crisis that have been received by the federal consumer financial protection agency during the pandemic, the agency said Friday, with total complaints reaching record levels. The Consumer Financial [...]