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.
The number of consumer complaints filed in the database of the Consumer Financial Protection Bureau has skyrocketed since the beginning of the pandemic.
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.
The Consumer Financial Protection Bureau announced a number of changes to help consumers and regulated businesses amid the fallout from the COVID-19 pandemic. It suspended several data collection requirements, tweaked its examination structure and joined other federal regulators in urging financial institutions to work with impacted customers.
A Senate democrat urged federal financial regulators to shelve rulemaking projects that aren’t related to the coronavirus pandemic, and suggested the agencies’ priority be protecting the financial system and mitigating economic fallout from the outbreak.
The Consumer Financial Protection Bureau has finally offered a clarification of the ‘abusive’ standard laid out in the Dodd-Frank Act nearly a decade after its passage. The CFPB said it would focus on citing or challenging conduct as abusive in supervision and enforcement matters only when “the harm to consumers outweighs the benefit.”