More than 10 years after a mandate in the Dodd-Frank Act, the CFPB proposed data collection requirements for small business lending. The proposal could impact around 5,000 lenders.
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Consumer advocates are largely pleased with the proposal while lenders sounded alarms. The CFPB acknowledged that the data collection will prompt significant costs.
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The payment provisions under the payday lending rule will become effective June 13, 2022. Attorneys suggest lenders with products covered under the small dollar rule begin revising policies and procedures.
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Wells Fargo’s problems with the CFPB are now in the rear-view mirror, but the megabank has considerable OCC exposure. For starters, it cannot buy mortgage servicing rights.
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A recent coordinated action by the DOJ and OCC against an Atlanta-based mortgage lender for redlining practices appears to be a harbinger of things to come under the Biden administration.
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Sanctioned once before by the CFPB, it could be the end of the line for an Oakland-based payday lender that caters to employees of the military.
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The settlement would end a class action filed against Sierra Pacific Mortgage for allegedly receiving illegal payments in exchange for referrals of title work.
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Georgia residents submitted 825.2 complaints per million people against financial service providers in the second quarter of 2021. (Includes data chart.)
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