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. ... Read full article
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. ... Read full article
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. ... Read full article
The Consumer Financial Protection Bureau seeks to address challenged posed by the sunset of the London interbank offered rate at the end of 2021. ... Read full article
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.” ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
The Veterans and Consumers Fair Credit Act would extend Military Lending Act protections to all consumers. ... Read full article
The Consumer Financial Protection Bureau has published a new "frequently asked questions" tool to help mortgage lenders with TILA-RESPA integrated disclosures compliance. ... Read full article
The legislation would ban legal clauses that force small-business borrowers to give up their right to court proceedings before obtaining a loan. ... Read full article
If Gov. Jerry Brown signs the legislation headed to his desk, it would be the first law of its kind in the U.S. It is designed to allow small-business owners to make comparisons between offers in the often bewildering world of online business lending. ... Read full article
Lawmakers approved legislation to enable coordination between state and federal regulators on examining banks' third-party vendor relationships. ... Read full article
The CFPB finalized an amendment to its "Know Before You Owe," mortgage disclosure rule that gives lenders more flexibility to adjust closing cost estimates and pass on those increases to borrowers. ... Read full article
Bank’s net income plunges, will focus on Europe growth; FTC says the company charged hidden fees. ... Read full article
The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted. ... Read full article
The information collection effort is consistent with acting CFPB Director Mick Mulvaney's efforts to set the agency on a more pro-industry, anti-enforcement course. ... Read full article
A provision in the Senate's regulatory relief bill that would give manufactured housing retailers more leeway to make financing recommendations has consumer advocates concerned about potential lending abuses, while the industry contends it simply ... Read full article
