Movement Mortgage settles with DOJ; CFPB, other agencies issue RFI on medical debt; Senate Democrats want action on voice cloning; CFPB says most borrowers in forbearance in 2021 are current now; CFPB paying out to student loan borrowers who were charged illegal fees.
In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.
The Community Home Lenders of America wants small mortgage lenders to be exempt from the CFPB’s proposed registry of nonbank form contracts when their compliance burdens substantially outweigh consumer benefit.
The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal.
COO held liable for fraud scheme; companies offering negative option subscriptions on alert; NY law firm settles with CFPB; court says CFPB enforcement authority extends to scholarship assistance marketing.
Broeksmit criticizes CFPB at annual MBA conference; Senate Democrats ask for remittance rule revisions; bureau reopens payment service comments; CFPB says student borrower finances worsening.
The bureau’s special supervisory highlights report cites instances of university-owned lenders withholding academic transcripts to coerce borrowers into making payments.
CFPB Director Rohit Chopra explains how the bureau’s recent big moves are tied to his views on the functioning and regulation of consumer financial markets and products.
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