June 2020 Articles – CFPB Journal

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.