Senate Democrats are pushing the CFPB to resume examinations under the Military Lending Act, according to a letter sent to the agency's director on Tuesday.
The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.
Following a congressional mandate, the consumer bureau solicited public feedback on Property Assessed Clean Energy loans, which have been deemed risky by the Federal Housing Administration.
The conventional market recaptured a lot of the first-time homebuyers it lost during the financial crisis, but service members instead have increasingly stuck with loans insured by the Department of Veterans Affairs.
Readers weigh in on Democrats' call for more scrutiny of the BB&T-SunTrust merger, changes to the CFPB's payday lending rule, criticism of Square's ILC application and more.
The effort comes more than a year after Republicans successfully blocked a CFPB rule that would have banned mandatory arbitration clauses in financial contracts.
The House Financial Services Committee will hold eight hearings next month, looking at Wells Fargo's recent consumer protection scandals, a reauthorization of the flood insurance program and more.
The agency recently proposed gutting the ability-to-pay standard in its small-dollar loan rule, a move that would benefit the payday loan industry and harm consumers.
