A new rule is expected from the bureau in the coming months that will require businesses under the CFPB's jurisdiction to allow consumers to speak with a human service representative at the click of one button.
CFPB Director Chopra said contract-for-deed sales might sound like a path to homeownership for those who feel they have no options, but they have real risks.
As part of a White House initiative, the CFPB is launching a rulemaking to put a stop to customer service processes that waste consumers’ time and money.
The advisory opinion holds that contract-for-deed sellers must adhere to Truth in Lending Act requirements such as assessing buyers for repayment and providing borrowers with disclosures.
The Fourth Circuit this month ruled that the Truth in Lending Act’s offset provision, which prevents credit card issuers from dipping into a consumer’s deposit account to cover outstanding payments on their credit cards, applies to credit cards tied to a home equity line of credit.
The bureau said it is making clear that there is no exception to the federal consumer financial protection laws for new technology and ensuring regulations don’t stifle competition in pricing or favor incumbents.