If the talks fall through, the Virginia-based bank could face charges related to imposing overdraft fees on transactions that didn’t actually cause an overdraw on customer accounts.
For the third time, a judge held that the CFPB’s claims against Ocwen Financial over alleged servicing-related violations of federal law, are barred by a 2014 consent order between the bureau and the servicer.
Banks unilaterally reopening a consumer’s deposit account to process transactions could be in violation of the Consumer Financial Protection Act, the CFPB has warned.
The proposed rule would require assessments of borrowers’ ability to repay and apply the Truth in Lending Act’s civil liability provision for violations.
Banking trade groups panned the rule as unnecessary and damaging to credit card issuers, especially smaller banks and credit unions. Michigan Democrat Rep. Rashida Tlaib has expressed “strong support” for the proposed rule.
The Appraisal Foundation updates appraisal standards; the CFPB will distribute $22 million among debt relief scam victims; CFPB Inspector General expresses opposition to legislation about his office.
A Federal Deposit Insurance Corp. consent order against Cross River Bank, a partner in marketplace lending securitizations, won’t impact outstanding ratings on ABS, according to Kroll Bond Rating Agency.
Academic researchers used data from the Home Mortgage Disclosure Act to examine the impact of the implementation of the California Consumer Privacy Act.