Violations of Regulation X–including the failure of some mortgage servicers to provide certain loss mitigation notices, providing incomplete notices or not providing notices within the time required–are among the examiner observations included in the Consumer Financial Protection Bureau latest “Supervisory Highlights” report.
Browsing: Payday lending
The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act.
The Consumer Financial Protection Bureau yesterday issued a final rule extending the compliance date for the mandatory underwriting provisions of its final rule governing short-term, small-dollar loans, from August 19, 2019, to November 19, 2020.
In a comment letter to the Consumer Financial Protection Bureau yesterday, ABA urged the bureau to revise its payday rule to exclude traditional consumer loans offered by banks, such as “bridge” loans, demand lines of credit and loans secured by securities.
Rep. David Scott (D-Ga.) last week introduced a bill aimed at promoting financial inclusion for American consumers.
The Consumer Financial Protection Bureau today issued a “Supervisory Highlights” report focusing on recent examiner observations of several bank products or business lines, including auto loan servicing, credit cards, debt collection, mortgage servicing, payday lending, and for the first time, small business lending.
The Consumer Financial Protection Bureau today released a proposed rule that would sharply curtail short-term, small-dollar consumer loans.
Bankers and others are closely watching to find out if the usury battles thought long won and settled are re-opening.
Repeated attempts by online payday lenders to collect payments via direct debit can lead to unanticipated consequences for consumers’ bank accounts, according to a report issued by the Consumer Financial Protection Bureau today.
The Consumer Financial Protection Bureau is considering applying “ability-to-repay” standards to small dollar loans, which would require lenders to verify a prospective borrower’s income, major financial obligations and borrowing history before making a loan, Director Richard Cordray said today.