The CFPB, in an assessment report last week, underscored the need to resolve the status of the temporary government-sponsored enterprises “patch” under the ability-to-repay and qualified mortgage rule.
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The CFPB should take steps to limit the data collection burden on industry and protect data security, industry groups said in response to a request for information regarding data collections.
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The CFPB defended its constitutionality in an oral argument last week before the U.S. Court of Appeals for the Ninth Circuit, but judges took issue with the for-cause removal provision.
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Consumer advocacy groups have urged the CFPB to impose strict limits on debt collection agencies in order to protect consumers from abusive practices.
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The CFPB has ordered USAA Federal Savings Bank to pay $15.5 million in restitution and fines to settle claims it neglected consumers’ stop payment requests and reopened accounts without consent. The consent order is the first one under the leadership of Director Kathy Kraninger.
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The CFPB lacks a systematic process to prioritize consumer risks and use all of its tools to address them, the U.S. Government Accountability Office said in a recent report.
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Consumer complaints across major categories saw double-digit declines in the fourth quarter, according to a new analysis by Inside the CFPB. [Includes one data chart.]
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