The number of homeowners who are behind on their mortgage payments has doubled since the pandemic hit last spring, according to a report released by the Consumer Financial Protection Bureau.
President-elect Joe Biden announced numerous appointments on Monday, including Rohit Chopra to be the director of the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau finalized changes to its regulations regarding the disclosure of records and information. It also published a portion of its long-awaited Fair Debt Collection Practices Act rulemaking to modernize and clarify rules around third-party debt collection.
The Consumer Financial Protection Bureau offered guidance for how institutions may apply for early termination of a consent order and how the CFPB will evaluate early termination applications.
In a settlement with the Consumer Financial Protection Bureau, TD Bank will pay a $25 million fine and $97 million in restitution to roughly 1.42 million customers affected by the bank’s illegal overdraft fees.
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.
At a public symposium last week, academics, market participants and policy-makers gathered to discuss effective implementation of a Dodd-Frank Act section which would increase public data about small business lending, specifically those owned and operated by women and minorities.