The bureau will detail how it will implement a Dodd-Frank Act provision requiring the agency to collect information on small-business lending in order to identify discrimination.
The financial industry has praised the measured approach taken in a pending regulation on permitted communications with consumers. But two recent complaints by the bureau against debt collectors reflect a potentially aggressive enforcement stance.
The plan would encourage more risk-taking by big banks, which would put the industry and taxpayers in harm’s way, write former CFPB Director Richard Cordray and Camden Fine, onetime head of the Independent Community Bankers of America.
Several community banks are warning Congress that their participation in the Paycheck Protection Program could cause them to cross a threshold that may lead to, among other things, supervision by the CFPB and a cap on interchange fees.
The agency’s plan to extend the "qualified mortgage" stamp of approval to more loans could help lenders that rely on alternative data and cushion the blow of other QM changes for Fannie Mae and Freddie Mac.
The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.
Even as the bank’s sales practices faced intense government scrutiny following the Wells Fargo scandal, senior leaders in Oregon were fostering a culture that valued credit-card sales above all else, according to several former employees.
The agency solicited input on the effects of the CARD Act regulations as part of a statutory requirement that the bureau review policies 10 years after they are implemented.
A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing.
The bank has agreed to pay $97 million in customer restitution and a $25 million fine to settle allegations by the Consumer Financial Protection Bureau that it deceptively charged overdraft fees for certain ATM and debit card transactions.
