The Consumer Financial Protection Bureau announced a number of changes to help consumers and regulated businesses amid the fallout from the COVID-19 pandemic. It suspended several data collection requirements, tweaked its examination structure and joined other federal regulators in urging financial institutions to work with impacted customers.
A Senate democrat urged federal financial regulators to shelve rulemaking projects that aren’t related to the coronavirus pandemic, and suggested the agencies’ priority be protecting the financial system and mitigating economic fallout from the outbreak.
The Consumer Financial Protection Bureau has finally offered a clarification of the ‘abusive’ standard laid out in the Dodd-Frank Act nearly a decade after its passage. The CFPB said it would focus on citing or challenging conduct as abusive in supervision and enforcement matters only when “the harm to consumers outweighs the benefit.”
A nonprofit student loan consumer group has filed a lawsuit against the Consumer Financial Protection Bureau alleging it has manipulated federal policy and failed in its duty to regulate companies that service student loans. The lawsuit also names the Department of Education.
Twenty-three Democratic Senators have called for an investigation into a loan servicer over its handling of a student loan forgiveness program.
The Consumer Financial Protection Bureau has launched the American Consumer Financial Innovation Network in partnership with multiple state regulators. ACFIN is aimed at enhancing coordination among federal and state regulators to facilitate financial innovation. The bureau also announced several new policies designed to promote innovation.
Last week, the Consumer Financial Protection Bureau issued an advanced notice of proposed rulemaking relating to the impending expiration of a mortgage rule that affects two large American guarantors.
The Consumer Financial Protection Bureau recently held the first of a series of planned symposia on various regulatory themes, including a panel on how to practically implement the abusive standard.
The Consumer Financial Protection Bureau this week held the first of a series of planned symposia on various regulatory themes. The first topic addressed was “unfair, deceptive, or abusive acts or practices”.
Banking giant Wells Fargo needs to improve its compliance with required improvements to its risk management program, according to a letter from the head of the Consumer Financial Protection Bureau.