The Consumer Financial Protection Bureau proposed a rule governing the collection of small business lending data. Under the proposal, which would implement Section 1071 of the Dodd-Frank Act, lenders would be required to report the amount and type of small business credit applied for and extended, demographic information about small business credit applicants, and key elements of the price of the credit offered.
Consumer credit applications, including mortgages, car loans and credit cards, have largely returned to pre-pandemic levels, according to a report from the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau is issuing rules to ease the move from the foreclosure moratorium to resumption of normal business.
The Consumer Financial Protection Bureau wants to ban foreclosures until 2022, according to a recent proposal. The agency’s notice of proposed rulemaking would amend Regulation X to institute a pre-foreclosure review period that would generally prohibit servicers from starting foreclosure until after December 31, 2021.
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.
Dave Uejio, acting director of the Consumer Financial Protection Bureau, plans to prioritize COVID-19 relief for consumers and racial justice issues during his time at the helm of the agency.
The Consumer Financial Protection Bureau taskforce on federal consumer financial law released a report last week with recommendations on how to improve consumer protection in the financial marketplace.
The Consumer Financial Protection Bureau filed a complaint and proposed stipulated judgment and order this week against Nationstar Mortgage. The company violated multiple Federal consumer financial laws, causing “substantial harm” to the borrowers whose mortgage loans it serviced, the bureau said.
The Consumer Financial Protection Bureau finalized changes to its regulations regarding the disclosure of records and information. It also published a portion of its long-awaited Fair Debt Collection Practices Act rulemaking to modernize and clarify rules around third-party debt collection.
Under a new set of proposals from the Consumer Financial Protection Bureau, smaller lenders would be excluded from small business data collection requirements. The proposals are part of the implementation of section 1071 of the Dodd-Frank Act, which requires that data be collected and reported for small-business lending as well as lending to women- and minority-owned businesses.