Time-barred debt collection proposal garners criticism

The comment period for the CFPB’s supplemental notice of proposed rule-making regarding the collection of time-barred debt closed on Aug. 4, attracting criticism from banker and consumer groups that it’s not adequately comprehensible.

Mortgage companies settle over ‘deceptive’ ads

The Consumer Financial Protection Bureau issued consent orders against Sovereign Lending Group, Inc., and Prime Choice Funding, Inc., over what the bureau called “deceptive” loan advertisements to servicemembers and veterans.

CFPB files suit against mortgage creditor

The Consumer Financial Protection Bureau filed a lawsuit against Townstone Financial, Inc., a nonbank retail-mortgage creditor based in Chicago, for violations of the Equal Credit Opportunity Act and its Regulation B as well as the Consumer Financial Protection Act.

CFPB sues student debt relief company

The Consumer Financial Protection Bureau has sued members of a student debt relief network, settling with some of them, over violations of the Telemarketing Sales Rule.

CFPB issues additional CARES Act guidance

The Consumer Financial Protection Bureau issued guidance to mortgage servicers to assist in complying with the Coronavirus Aid, Relief and Economic Security Act provisions granting a right to forbearance to consumers impacted by the COVID-19 pandemic.

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