The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
The CFPB is facing criticism from attorneys over its unusually late issuance of annually updated thresholds in Regulation Z’s provisions implementing various laws and rules.
Industry trade groups said the bureau’s proposal lacks both a meaningful opportunity for comment and context. Consumer advocates, though, argued that a dataset is necessary and said it should focus primarily on consumer experiences.
During recent congressional hearings, CFPB Director Rohit Chopra said the bureau is weighing whether to issue more credit reporting rules under the Fair Credit Reporting Act.
State AGs weigh in on CFPB’s Supreme Court appeal; HMDA filing period opens; Community Reinvestment Act thresholds updated; CFPB asks for dismissal of UDAAP lawsuit; CFPB, FTC argue furnishers must investigate legal disputes; bureau penalizes remittances provider.
The New York Department of Financial Services proposed guidance for nonbanks and state-regulated banks outlining standards for managing material climate-related financial risks. Organizations’ efforts should be proportionate to their exposure and shouldn’t interfere with fair lending obligations.
Kroll Bond Rating Agency expects single-borrower/large loan volume to decrease, while Moody’s said interest rates, lower prepayment rates, fewer property acquisitions and limited loan maturities will weigh on issuance.
The mortgage servicer reached a relatively modest settlement with the Massachusetts Attorney General’s Office to resolve alleged violations of mortgage servicing and debt collection regulations.