The bureau has outlined a plan to review rules that have a significant economic impact on small entities. For starters, the bureau is looking into the 10-year-old overdraft rule that limits the ability of financial institutions to assess overdraft fees without consumer consent.
The mortgage industry is seeing a resurgence of marketing services agreements, amid a lax regulatory environment. But, experts say, companies are being more careful this time around.
Senators Seek Data on CFPB Oversight of Student Loan Servicers; House Financial Services Committee Approves Waters’ CFPB Bill; Utah Creates a Regulatory Sandbox for Fintech Firms; CFPB Settles with Online Lead Aggregator.
State regulators are enhancing their scrutiny of financial firms, particularly with regard to debt collection and fair lending, given the perceived pullback from the CFPB, state officials and experts said while speaking at a conference hosted by the Consumer Bankers Association last week.
The Mortgage Bankers Association, the Maryland Bankers Association and the Maryland Mortgage Bankers & Brokers Association are opposing proposed legislation in Maryland that would require a trust to be licensed as a debt collection agency to foreclose on a loan.
The CFPB and Florida regulators last week asked a federal court to merge their lawsuits against mortgage servicer Ocwen Financial Corp. in order to avoid the risk of future jury inconsistency and to reduce their respective burden.
State authorities will focus their enforcement actions this year on tackling redlining and unfair, deceptive and abusive acts or practices in order to fill the enforcement gap created at the federal level, industry attorneys predicted.
Arizona Attorney General Mark Brnovich recently announced two new participants in the state’s regulatory sandbox for fintech companies. On the federal level, the CFPB expects to do more to encourage financial innovation.
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