The Treasury Department in its housing-finance reform plan has asked the CFPB to end the qualified mortgage “patch” as scheduled and establish a bright-line rule in its place.
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A Florida federal judge termed a CFPB lawsuit against Ocwen Financial for widespread mortgage servicing failures as “shotgun pleading.” The court, however, allowed the CFPB to amend and refile the suit.
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The CFPB in a recent amicus brief defended states’ authority to bring parallel claims against financial institutions for unfair, deceptive and abusive acts or practices.
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The CFPB recently fined Texas-based Maxitransfers Corp. $500,000 for violations of the Remittance Transfer Rule. This is the bureau’s first enforcement action under the Electronic Fund Transfer Act.
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The CFPB in a new report noted that the credit card market is growing fast and the use of new technology has potential to enhance consumers’ financial well-being.
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