A former economist says high-ranking officials engaged in “legally risky” behavior to downplay consumer harm; online payments and contactless transactions jumped in the first quarter, and some think the new habits will stick.
The industry dodged a bullet after the former vice president outlasted more progressive rivals for the Democratic presidential nomination. But some worry the presumptive nominee will have to consider calls for tougher regulation from his party's liberal wing.
The bureau issued an interpretive rule clarifying that consumers under certain conditions can modify or waive waiting periods required by the Truth in Lending Act and Real Estate Settlement Procedures Act.
The bureau said it began developing the standards before the coronavirus pandemic. But more transfers may occur as some servicers struggle to meet their obligations during their economic downturn.
The Borrower Protection Program enables the two agencies to exchange information about loss mitigation efforts and consumer complaints regarding specific servicers.
The Consumer Financial Protection Bureau wants to make it easier for those who lack bank accounts to receive pandemic relief payments authorized by Congress.
Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.”
Emergency loan program plagued by chaos on eve of launch; why Moven, one of the first challenger banks, is calling it quits; Fed faces conundrum on whether to remove Wells Fargo's asset cap; and more from this week's most-read stories.
