News Topic: CFPB

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship. ... Read full article

The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic. ... Read full article

The joint statement said examiners will not impede banks’ responsible efforts to offer open lines of credit, closed-installment loans or other products to borrowers dealing with fallout from the pandemic. ... Read full article

Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," the regulators said. ... Read full article

The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds. ... Read full article

The Ohio Democrat argued that the public wouldn't be able to meaningfully provide feedback on rules given the stressful circumstances related to the outbreak. ... Read full article

The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat. ... Read full article

Sens. Sherrod Brown and Elizabeth Warren criticized Director Kathy Kraninger for not issuing any public enforcement actions against auto lenders during her tenure. ... Read full article

The agencies were up and running Monday but have taken steps to allow employees to work from home. ... Read full article

The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection. ... Read full article

From scams to watch out for to the role banks play in an SBA virus loan program, news about the pandemic's impact was everywhere. Also: As State Farm bows out, U.S. Bank seizes an expansion opportunity; CFPB sues Fifth Third for allegedly opening ... Read full article

Acting Deputy Director Leonard Chanin formerly was a deputy general counsel at the Cincinnati bank that is now in the bureau's crosshairs for allegedly opening unauthorized accounts. ... Read full article

Kathy Kraninger was grilled about whether her agency and others were doing enough to cushion consumers from the economic blow of the coronavirus crisis. ... Read full article

The Consumer Financial Protection Bureau says the Cincinnati bank engaged in aggressive sales practices and open bank and credit card accounts without consumers' authorization in order to meet sales targets. ... Read full article

State and federal officials committed to providing “appropriate regulatory assistance” to banks whose customers may be hurt by the coronavirus outbreak and said prudent measures would not be subject to criticism by examiners. ... Read full article

Sen. Mark Warner led a group of Democratic senators in calling on bank, credit union and GSE regulators to give detailed instructions on helping consumer and commercial borrowers hurt by the COVID-19 outbreak. ... Read full article

Maybe Congress shouldn’t be so quick to change laws without real-world input. ... Read full article

The agency's effort to engage with lawmakers on a whistleblower award program is one of three initiatives the bureau announced to advance its strategy of preventing consumer harm. ... Read full article