The two-month renewal period began with some 2021 deja vu: reports of issues with credit reports and identity verification. But the problems were resolved in the early days.
If commercial lending rates stay about where they are now, a quarter of loans that expire within the next year will need to either bring in 50% more income than they are currently or reduce their debt by a third.
The lender is in talks with the Consumer Financial Protection Bureau to resolve several possible violations in its auto lending, mortgage lending and consumer deposit programs. Wells already holds the record for the highest fine issued in connection with a CFPB enforcement action.
Although they represent a small share of total complaints, student loan gripes increased by almost 50% in the third quarter. Mortgage-related complaints, on the other hand, continued to decline. (Includes two data charts.)
The bureau moved one step closer in its long-awaited consumer-permissioned data sharing rule, releasing an outline of proposals to small business representatives.
After a quiet period in the early days of Rohit Chopra’s tenure, the CFPB is back on pace with enforcement actions. But the new director’s presence is really being felt in an avalanche of guidance.