Uejio signals aggressive stance on payday lending
The Consumer Financial Protection Bureau is likely to take an aggressive approach to payday lending, according to a blog post from Acting Director Dave Uejio.
The Consumer Financial Protection Bureau is likely to take an aggressive approach to payday lending, according to a blog post from Acting Director Dave Uejio.
The Consumer Financial Protection Bureau focused on debt collection requirements during the pandemic, according to this year’s report to Congress on the administration of the Fair Debt Collection Practices Act.
In another Biden era change, the Consumer Financial Protection Bureau has retracted a policy statement it issued last year on the ‘abusive’ standard of the Dodd-Frank Act. “Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act,” the bureau said.
The Consumer Financial Protection Bureau wants to push back the mandatory compliance date of the General Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.
The number of homeowners who are behind on their mortgage payments has doubled since the pandemic hit last spring, according to a report released by the Consumer Financial Protection Bureau.