July 18, 2022

Chopra Prioritizing Clearer Rules, Frequent Guidance

While CFPB Director Rohit Chopra is looking to simplify rules and issue more guidance to address uncertainties, some industry participants are skeptical the agency will follow through. Read More

Convenience Fees Charged by Debt Collectors Are Illegal

The CFPB affirmed that “convenience” fees charged by debt collectors for payments made through certain means are unlawful unless expressly permitted by law. Trade groups are concerned about the possible impact on mortgage servicers. Read More

CFPB Hiring Tech Experts to Boost Investigations

The CFPB is looking to hire roughly 25 tech-savvy employees to aid in supervision and enforcement. The positions to be filled range from data scientists to user experience designers. Read More

CFPB Considering Nonbank Registration System, Again

The consumer watchdog is considering making nonbank financial institutions “register” with the agency. Details? Not many. Read More

Advocates Target TAB Bank’s CRA Rating

The National Community Reinvestment Coalition and 39 other trade groups have called for Utah-based TAB Bank’s Community Reinvestment Act rating to be downgraded over its partnership with a nonbank retail installment lender. Read More

Payday Lender Sued for Hiding Free Repayment Plans

ACE Cash Express, a payday lender, is being sued by the CFPB for concealing free repayment plans from borrowers. The PE-owned ACE denies the charges. Read More

GAO Calls for Improvements to OCC Redlining Oversight

The government watchdog has called on the Comptroller of the Currency to revamp some of its redlining examination tools. Specifically, OCC should give time frames for a planned information repository and update its procedures to account for new statistical analysis techniques. Read More

Other News in Brief

A new Office of Oversight; credit repair organizations want human trafficking rule changed; court sets Section 1071 rule deadline; CFPB says using credit reports requires permissible purpose; BofA fined: CFPB to clarify on earned wage access. Read More

Inside the CFPB

View Archived Issues

Chopra Prioritizing Clearer Rules, Frequent Guidance

Convenience Fees Charged by Debt Collectors Are Illegal

CFPB Hiring Tech Experts to Boost Investigations

CFPB Considering Nonbank Registration System, Again

Advocates Target TAB Bank’s CRA Rating

Payday Lender Sued for Hiding Free Repayment Plans

GAO Calls for Improvements to OCC Redlining Oversight

Other News in Brief

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Inside the CFPB

July 18, 2022

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?