CFPB Journal staff report – Page 18

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.

CFPB files lawsuit against credit-repair telemarketer

The Consumer Financial Protection Bureau filed a lawsuit against Commonwealth Equity Group, LLC, which does business as Key Credit Repair, and its president and owner Nikitas Tsoukales.

CSBS, CFPB issue mortgage relief guidance

The Consumer Financial Protection Bureau and the Conference of State Bank Supervisors have issued a guide describing borrowers’ rights to mortgage payment forbearance and foreclosure protection under federal law.

CFPB issues final remittance rule

The Consumer Financial Protection Bureau has issued a final rule covering remittances transfers which raises the reporting threshold for those institutions making relatively few annual remittances.

CFPB clarifies rules to increase mortgage access

The Consumer Financial Protection Bureau has issued clarifications to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic.

CFPB outlines mortgage transfer process best practices

The Consumer Financial Protection Bureau issued guidance that mortgage servicers should use to facilitate compliance and prevent harm to consumers during the transfer of residential mortgages.

CFPB raises HMDA data reporting threshold

The Consumer Financial Protection Bureau issued a final rule raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act.

CFPB relaxes real estate appraisal requirements

The Consumer Financial Protection Bureau issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under interagency appraisal regulations.

CFPB settles with short-term lender

The Consumer Financial Protection Bureau has settled with Cottonwood Financial, Ltd., over a number of consumer protection violations.

Sen. Sherrod Brown wants agencies to halt non-COVID-19 rulemaking

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.