Large credit card issuers’ late fees will be capped at $8 in a few months following a new rule from the CFPB. Industry groups have filed a lawsuit to stop implementation of the rule.
The CFPB’s Office of Supervision Examination has capped the time an examiner can be assigned to an entity to a maximum of five years. The OSE is also set to launch a tool to track examiner assignments.
A CFPB circular warning operators of digital comparison-shopping tools against engaging in preferential treatment isn’t sitting well with industry participants.
The CFPB and the FTC have filed an amicus brief supporting borrowers in a case against Ocwen Loan Servicing, while lender trade groups urged the Supreme Court to intervene in a federal preemption case.
“We are committed both to preventing conflicts of interest in our work and to preserving the independence of our staff,” said David Uejio, acting associate director of the CFPB’s supervision
division.