The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.
In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.
Absent some policy change, nearly a third of the loans backed by Fannie Mae and Freddie Mac could be in violation of the Consumer Financial Protection Bureau's Qualified Mortgage rule in two years.
The bureau’s updated no-action-letter policy and “product sandbox” proposal are important steps in helping the industry adapt during this period of rapid change.
The Consumer Financial Protection Bureau won't require payday lenders to assess borrowers’ ability to repay. American Banker reporter Kate Berry explains why.
Readers weigh in on the Consumer Financial Protection Bureau's payday rule, consider the gender wage gap in banking, debate restrictions to membership at the Federal Home Loan banks and more.
Chris D’Angelo, the CFPB's associate director of supervision, enforcement and fair lending, is leaving the bureau after eight years to become a chief deputy attorney general in New York state.
When a Columbia University professor surveyed 1,000 payday loan customers, little did he know that the resulting research report would become a lightning rod in the drafting of rules for small-dollar lenders.
