CFPB report flags pandemic-related issues in deposits, mortgage servicing
The CFPB issued a “Supervisory Highlights” report focusing on recent examiner observations of several financial products.
Browsing: Payday lending
CFPB issues report on payday loan extended payment ahead of appellate court case
The CFPB found that payday loan borrowers rarely used extended payment plans for managing payday loans that they could not pay when due, in a report issued today.
Fifth Circuit Extends Stay of Compliance Date of 2017 Payday Rule
A federal appellate court last week extended the compliance date of the CFPB’s 2017 payday…
CFPB Flags Consumer Reporting, Debt Collection, Payday Lending Issues in Supervisory Highlights
The Consumer Financial Protection Bureau today issued a “Supervisory Highlights” report focusing on recent examiner observations of several financial products. Among other things, examiners flagged issues related to consumer reporting, debt collection and payday lending.
CFPB Flags Lapses in Reg X Compliance After Disasters
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.
CFPB Updates Rulemaking Agenda
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.
CFPB Extends Compliance Date of Underwriting Provisions in Payday Rule
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.
ABA Urges CFPB to Exclude Traditional Consumer Loans from Payday Rule
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.
Georgia Lawmaker Introduces Bill Aimed at Financial Inclusion
Rep. David Scott (D-Ga.) last week introduced a bill aimed at promoting financial inclusion for American consumers.
CFPB: Banks Effectively Managing ECOA Compliance Risk in Small Biz Lending
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.