News – Page 5 – CFPB Journal

CFPB: Paycheck advance products subject to Truth in Lending Act

Many paycheck advance products are consumer loans subject to the Truth in Lending Act, according to the Consumer Financial Protection Bureau.

CFPB: Lunch payment firms stifling competition

The Consumer Financial Protection Bureau is scrutinizing the companies school districts use to process student lunch payments for allegedly taking advantage of underserved families while limiting market competition.

CFPB proposes rule to reduce foreclosures

The Consumer Financial Protection Bureau proposed a rule last week that would make it harder for mortgage servicers to foreclose on borrowers.

CFPB, FHFA report reveals positive mortgage sentiments

Seventy percent of respondents to a CFPB/FHFA survey were satisfied with their mortgage property appraisal process, according to a recent survey.

CFPB extends Section 1071 compliance deadlines

The Consumer Financial Protection Bureau extended Section 1071 compliance deadlines, after the rule was temporarily paused amid a lawsuit challenging the constitutionality of the bureau’s funding structure.

Lawsuit against CFPB’s late fee rule to remain in Texas

The New Orleans-based U.S. Court of Appeals for the Fifth District recently disallowed the relocation of a lawsuit challenging the Consumer Financial Protection Bureau’s late fee rule to Washington, D.C.

Bill would require CFPB funding to be allocated through Congress

Senate Banking Committee Republicans introduced a bill last week requiring the Consumer Financial Protection Bureau to be funded through an annual Congressional appropriations process.

CFPB: BNPL lenders are credit card providers

The Consumer Financial Protection Bureau recently confirmed it intends to treat ‘buy now, pay later’ lenders as credit card providers by issuing an interpretive rule under which they must provide similar legal provisions.

CFPB: Student lending companies ignored payment relief requests

The Consumer Financial Protection Bureau recently filed a $5 million lawsuit against student loan servicers National Collegiate Student Loan Trusts and American Education Services for allegedly ignoring thousands of payment relief requests over six years.

CFPB: Complex pricing structures disadvantage consumers

Consumers often pay more for products with more complex pricing structures, according to an April 30 Consumer Financial Protection Bureau report.