Spotlight – Page 6 – CFPB Journal

Consumer complaints skyrocket during pandemic

The number of consumer complaints filed in the database of the Consumer Financial Protection Bureau has skyrocketed since the beginning of the pandemic.

Supreme Court: President can fire CFPB director at will

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.

CFPB responds to COVID-19

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.

Sen. Sherrod Brown wants agencies to halt non-COVID-19 rulemaking

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.

CFPB finally offers definition of ‘abusive’

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.”

Consumer group sues CFPB over student loans

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.

Senators call for investigation into student loan forgiveness program

Twenty-three Democratic Senators have called for an investigation into a loan servicer over its handling of a student loan forgiveness program.

CFPB launches innovation partnership

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.

CFPB seeks input on mortgage rule set to lapse

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.

CFPB symposium: How to implement UDAAP?

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.