Article Archives – Page 2

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.

Supreme Court: President can fire CFPB director at will

In a 5-4 decision, the Supreme Court has ruled that the current structure of the Consumer Financial Protection Bureau is unconstitutional, although it left its existence intact.

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.

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.