Many industry insiders believe the reason for the delay is to prevent the Federal Trade Commission from obtaining a Republican majority when FTC Commissioner Rohit Chopra resigns to take charge at the CFPB.
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Unlike the first two rounds of COVID-19-related relief payments, the latest $1,400 check isn’t protected from being garnished by debt collectors.
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Loan officers employed with the megabank since May 2016 claim the depository unlawfully required significant off-the-clock work and failed to properly calculate overtime.
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As more borrowers look to modify their debt when pandemic-related moratoriums end, the CFPB is likely to increase scrutiny of companies offering such relief, an industry attorney said.
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