The CFPB is looking to stop attempts by servicers to tack on convenience fees for payments made online or by phone. Meanwhile, trade groups are advocating for federal preemption in a Supreme Court case.
The CFPB last month issued its first contested supervisory designation order against a nonbank. The bureau said other companies that had received notices consented to supervision.
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.