In a joint comment letter, the Mortgage Bankers Association and the National Mortgage Servicing Association said they support the proposed rule’s objectives but many of the CFPB provisions require “several critical improvements.”
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The ruling could have a significant impact on the debt-collection industry, which may have to in-source many of the services currently handled by third-party vendors. The cost could be substantial.
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A repeal of the rule under the Congressional Review Act would be a largely symbolic gesture, with the risks for marketplace lenders remaining unchanged, according to attorneys tracking the issue.
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The Comprehensive Debt Collection Improvement Act would amend several consumer finance statutes in order to enhance protections for consumers, students, servicemembers and small businesses.
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The settlements tied to the 2020 Monster Loans case, in which unlawfully obtained credit reports were provided to debt-relief companies, now top $46 million.
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Ninth Circuit refuses to rehear Seila Law case; new TRID rule guidance; U.S. Bank faces scrutiny; Wells Fargo monthly fees on CFPB radar; landlords get notices; agencies extend comment period deadline for AI; debt-settlement firm settles charges; new hire at California’s DFPI.
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