The CFPB and the National Collegiate Student Loan Trusts—a group of fifteen securitization trusts that acquire, pool, and securitize student loans—have entered into a proposed final consent judgment that, if approved, would...more
1/29/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Securitization Standards ,
Student Loans ,
Unfair or Deceptive Trade Practices
The CFPB has taken action against the Draper & Kramer Mortgage Corp. (DKMC) based on allegations of discriminatory lending activities that, according to the CFPB, discouraged homebuyers from applying to the company for home...more
1/28/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Mortgage Lenders ,
Non-Bank Lenders ,
Race Discrimination ,
Redlining
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services....more
A federal judge has issued a temporary injunction against Superior Servicing and its operator Dennise Merdjanian, following FTC allegations that the company claimed to be affiliated with the Department of Education, collected...more
1/7/2025
/ Borrowers ,
Consumer Financial Products ,
Department of Education ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Lenders ,
Loan Forgiveness ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
CFPB examiners have identified a variety of illegal practices across student loan markets, the bureau said, in a special edition [add the link here] of its Supervisory Highlights. The report covers alleged violations related...more
12/23/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Financial Services Industry ,
Lenders ,
Loan Servicing ,
Regulatory Violations ,
Student Loans ,
Supervisory Highlights
Some credit card companies operating rewards programs may be violating the law by failing to provide promised rewards, the CFPB said, in a circular to law enforcement agencies....more
The CFPB’s Student Loan Ombudsman has released his annual report, again emphasizing complaint volume without investigating all complaints, suggesting that states should acquiesce when the Department of Education promulgates...more
A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require larger credit card issuers to lower their late fees to $8 and that would also permit...more
12/19/2024
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions
The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees...more
Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more
12/12/2024
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
Trump Administration
The CFPB has taken action to permanently ban Student Loan Pro and its owner, Judith Noh, from offering consumer financial products or services....more
12/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Bans ,
Fees ,
Financial Services Industry ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more
12/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Monitoring ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Oversight ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity...more
In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and...more
12/3/2024
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Comment Period ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Office of Administrative Law Judges (OALJ) ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Requirements
A panel of the Fifth Circuit Court of Appeals has set March 30, 2025 as the effective date of the CFPB’s payday lending rule....more
Today’s podcast episode is a re-purposing of a webinar we recorded on November 12, 2024. Our special guests for that webinar were Colin Carr, Vice-President of Congressional affairs at the Consumer Bankers Association and Ian...more
ACA International, the association representing the accounts receivable industry, has filed suit against the CFPB, alleging that the bureau’s advisory opinion on medical debt was overtly political, issued in violation of the...more
11/25/2024
/ Administrative Procedure Act ,
Advisory Opinions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Medical Debt
The percentage of unbanked households in the U.S. fell to its lowest level in 2023—4.2%–, the FDIC recently reported....more
A federal court has ordered Harris Jewelry to reopen its claims process and to again notify consumers that they may submit their claims for refunds from the jewelry company....more
11/22/2024
/ Consumer Complaint System ,
Consumer Financial Products ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Financing ,
Jewelry ,
Military Lending Act ,
Military Service Members ,
Popular ,
Refunds ,
Settlement Agreements
The Fifth Circuit Court of Appeals has denied a request by the Community Financial Services Association of America (CFSA) to hold a rehearing en banc on the group’s challenge of the CFPB’s payday loan rule....more
11/19/2024
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
En Banc Review ,
Federal Funding ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Authority ,
Separation of Powers ,
UDAAP
Sen. Elizabeth Warren, D-Mass., an advocate of a strict financial regulatory regime, will become the top Democrat on the Senate Banking, Housing and Urban Affairs Committee in the next Congress....more
Following lengthy litigation, the CFPB is attempting to close the books on its case against Townstone Financial alleging discriminatory lending practices and redlining African American neighborhoods in Chicago....more
11/7/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Redlining ,
Settlement
On October 11, California’s Office of Administrative Law (“OAL”) approved the Department of Financial Protection and Innovation’s (“DFPI’s”) registration rulemaking for providers of the following products...more
11/1/2024
/ California Consumer Financial Protection Law (CCFPL) ,
Comment Period ,
Consumer Financial Products ,
Debt Settlement Services ,
Debt-Relief Industry ,
Department of Financial Protection and Innovation (DFPI) ,
Earned Wage Access ,
Financial Services Industry ,
Income Share Agreements ,
Office of Administrative Law Judges (OALJ) ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process
The CFPB has filed suit against student lender Climb Credit, Inc. and its largest shareholder 1/0 (one zero), alleging that the lender induced students to take out loans by misrepresenting the quality of the training programs...more
Today’s podcast, which repurposes a recent webinar, is the conclusion of a two-part examination of the CFPB’s use of a proposed interpretive rule, rather than a legislative rule, to expand regulatory requirements for earned...more