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.
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.
The legislation proposed by Rep. Nydia M. Velázquez, D-N.Y., goes further than recent state efforts to require better disclosures for high-cost lenders, but it would face an uphill battle in the GOP-controlled Senate.
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.”
The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.
Firms such as Afterpay that offer financing to shoppers have been enjoying rapid growth. But their model is under scrutiny from regulators, being mimicked by credit card lenders and faces heightened risks in a downturn.
The agency's lawsuit against the Rhode Island company — the first involving a bank under Director Kathy Kraninger — has challenged assumptions about its approach to enforcement.
The consumer bureau alleges the Providence, R.I., bank mismanaged billing error claims over a six-year period. Citizens Bank says it is “puzzled and disappointed” by the agency’s action.
The agency will review the TRID regulation, which combined disclosure requirements of two separate laws, as part of a mandate to evaluate major policies five years after their effective date.
