Mr. Cooper will pay $91.3 million to settle with state regulators and the CFPB for violations of federal and state servicing rules, according to an agreement released this week.
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Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products.
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Consumer advocacy groups, on the other hand, have urged the bureau to restore Obama-era interpretations and provide more consumer protection.
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The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.
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The CFPB’s website now includes an interactive enforcement database, plus an option to request rulemaking and archived reports and press releases.
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The CFPB’s integrated mortgage disclosure rule has helped reduce borrowing costs particularly for first-time and disadvantaged homebuyers, a new study finds.
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Rep. Maxine Waters urges CFPB leadership not to finalize any “midnight” regulations; Upstart receives no-action letter; CFPB brings lawsuits against online lender LendUp Loans and debt-relief service provider DMB.
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