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A nonprofit student loan consumer group has filed a lawsuit against the Consumer Financial Protection Bureau alleging it has manipulated federal policy and failed in its duty to regulate companies that service student loans. The lawsuit also names the Department of Education.
Twenty-three Democratic Senators have called for an investigation into a loan servicer over its handling of a student loan forgiveness program.
The Consumer Financial Protection Bureau has launched the American Consumer Financial Innovation Network in partnership with multiple state regulators. ACFIN is aimed at enhancing coordination among federal and state regulators to facilitate financial innovation. The bureau also announced several new policies designed to promote innovation.
Last week, the Consumer Financial Protection Bureau issued an advanced notice of proposed rulemaking relating to the impending expiration of a mortgage rule that affects two large American guarantors.
The Consumer Financial Protection Bureau recently held the first of a series of planned symposia on various regulatory themes, including a panel on how to practically implement the abusive standard.
The Consumer Financial Protection Bureau this week held the first of a series of planned symposia on various regulatory themes. The first topic addressed was “unfair, deceptive, or abusive acts or practices”.
Banking giant Wells Fargo needs to improve its compliance with required improvements to its risk management program, according to a letter from the head of the Consumer Financial Protection Bureau.
Enforcement actions at the Consumer Financial Protection Bureau have dropped precipitously during the first three months of Director Kathy Kraninger’s tenure, according to a report from the Consumer Federation of America.
A proposed change to the small-dollar lending rule at the Consumer Financial Protection Bureau has generated pushback from consumer advocates and support from the payday lending industry.
After roughly one full year at the helm of the Consumer Financial Protection Bureau, Mick Mulvaney stepped aside last month when Kathy Kraninger was confirmed by the Senate as the new director of the bureau. It remains to be seen precisely how Kraninger’s leadership will affect the bureau, but the record of Mulvaney’s tenure can now be assessed.