CFPB Journal staff report – Page 17

CFPB proposes new QM category

The Consumer Financial Protection Bureau wants to create a new category of “seasoned” qualified mortgages in order to “encourage innovation and help ensure access” to the mortgage credit market.

Consumer complaints skyrocket during pandemic

The number of consumer complaints filed in the database of the Consumer Financial Protection Bureau has skyrocketed since the beginning of the pandemic.

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 removes underwriting requirements from payday lending rule

The Consumer Financial Protection Bureau has removed mandatory underwriting requirements from the final version of its 2017 small dollar lending rule.

CFPB will retire debt-to-income requirement for qualified mortgages

The Consumer Financial Protection Bureau has proposed ending the current debt-to-income requirements behind qualified mortgage status under the Truth in Lending Act’s ability-to-repay requirements.

CFPB releases elder fraud prevention tool

The Consumer Financial Protection Bureau released an online resource to help communities form networks to help prevent and respond to elder financial abuse.

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.

Short-term lender ordered to pay $3.5 million

Main Street Personal Finance, Inc., and two of its subsidiaries have settled with the Consumer Financial Protection Bureau over consumer financial protection violations.