CFPB

Synchrony, PayActiv join CFPB's compliance sandbox

12/30/20

The Consumer Financial Protection Bureau is giving the credit card issuer and the fintech firm some regulatory latitude to develop specific new products.

[more]

How far left will CFPB swing in 2021?

12/29/20

The Consumer Financial Protection Bureau is headed for more disruption in the new year with a Democratic administration likely to reverse several GOP-backed policies. More aggressive relief for mortgage borrowers, a rollback of Trump-era rulemakings and yet another realignment of CFPB offices will all be on the table.

[more]

Make sure math justifies machine learning-based lending decisions

12/23/20

Underpinning the technology with mathematically sound models can make a better case to consumers and regulators for why a loan applicant was denied.

[more]

CFPB orders Discover to pay $35 million for student lending mishaps

12/22/20

The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.

[more]

CFPB finalizes disclosure requirements for debt collectors

12/18/20

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

[more]

CFPB finalizes overhaul of mortgage underwriting rules

12/10/20

The consumer bureau's revamp of criteria for "qualified mortgages," a special regulatory class of loans free from liability, emphasizes pricing instead of a borrower's debt-to-income ratio.

[more]

A Biden CFPB could put pressure on mortgage servicers

12/08/20

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

[more]

Mr. Cooper to pay $91 million to settle CFPB servicing case

12/07/20

The complaint dates back to 2014 state regulator examinations when the company was known as Nationstar.

[more]

LendUp overcharged military borrowers, CFPB says in lawsuit

12/04/20

The Consumer Financial Protection Bureau alleges that the online lender made loans that exceeded a federal cap on interest rates for active-duty service members.

[more]

CFPB gives go-ahead to firms seeking advisory opinions

11/30/20

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

[more]