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A trade association representing payday and short-term lenders announced it has documentary evidence that the Consumer Financial Protection Bureau suppressed positive consumer testimonials about payday lending, even while it was moving to subject payday lenders to stringent new rules.
The ruling means that tribal lenders cannot claim federal exemption from state laws, and that CFPB jurisdiction now extends to tribal lenders financed by third parties.
The report concluded that many servicers present obstacles and delays to borrowers that can leave them with thousands of dollars of extra costs.
A third-party payment processor has filed a motion in federal court asking a judge to dismiss a June 2016 Consumer Financial Protection Bureau lawsuit.
The proposed rules, which only apply to third-party collectors, would be the most significant changes to the industry since Congress passed the Fair Debt Collections Practices Act nearly 40 years ago.
The move is drawing industry scrutiny because the order targets an individual rather than a company, as well as for its broad interpretation of RESPA.
Although subpoenas, hearings and litigation are familiar terms, the concept of a “civil investigative demand” is not. Considering the CFPB’s increasing use of CID, the concept is worth a closer look.
The troubled appointment of Richard Cordray as Director of the Consumer Financial Protection Bureau four years ago continues to be a thorn in the side of the agency
With Democratic presidential candidate Hillary Clinton poised to choose her November running mate, the past two weeks have seen both the founding force and the current Director of the Consumer Financial Protection Bureau mentioned as possibilities.
BancorpSouth, announced this week that it has entered into a consent order with the Department of Justice and the Consumer Financial Protection Bureau pursuant to alleged violations of the Fair Housing Act and Equal Credit Opportunity Act.