RSSCFPB 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.
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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.
Time-barred debt collection proposal garners criticism
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.
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.
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.
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