Will CFPB advisory opinions offer clarity, or give companies a pass?
The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.
Financial regulations
California tables ‘mini-CFPB’ idea — for now
A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.
Brown, Warren call on CFPB to protect consumers, not financial firms
Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.”
Virus scare creates perfect storm for mortgage lenders
Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.
CFPB proposes making debt collectors disclose statute of limitations
Debt collectors would have to tell consumers upfront that they cannot sue to recover "time-barred" debt under a proposal issued Friday by the Consumer Financial Protection Bureau.
CFPB at long last defines enigmatic ‘abusive’ standard
In the past, the agency cited the legal term in enforcement actions without stating what it meant, but Director Kathy Kraninger has sought to give the industry clearer guidance.
California governor to unveil plan for state CFPB
California Gov. Gavin Newsom plans to ask the legislature to revamp the current Department of Business Oversight and rename it the Department of Financial Protection and Innovation, modeled after the federal CFPB.
CFPB’s final payday rule should be ready in spring, agency says
In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.
By
Joe Adler
Ruling cuts short debt collectors’ victory lap over CFPB proposal
The industry had welcomed the Consumer Financial Protection Bureau plan allowing debt collectors to use electronic communication, but some worry about the effect of a court decision concerning email correspondence.
California on verge of capping rates on installment loans
The legislation, which passed a key test in the state Senate on Wednesday, is the product of a compromise between consumer advocates and some lenders.
CFPB’s Kraninger digs in over halt to military lending exams
Kathy Kraninger, the bureau's director, is in a standoff with Democrats about her claim that the agency cannot supervise institutions under the Military Lending Act.
Brown to regulators: Be ready to discuss leveraged loans at hearing
The ranking Democrat on the Senate Banking Committee says he wants answers from the Financial Stability Oversight Council on efforts to address corporate debt risks.
Temporary relief from CFPB remittance rule set to expire next year
The rule requires disclosure of exact fees but institutions can estimate pricing under an exception that will expire in 2020. The CFPB is seeking comment to prepare for that deadline.
Kraninger outlines her vision for a revamped CFPB
In her first policy speech since being confirmed as the agency's director, Kathy Kraninger promised less focus on enforcement actions and more emphasis on consumer education.
Richard Urfer, capital markets trailblazer at three big banks, dies at 82
Urfer co-founded a business with the banking automation pioneer John Diebold, worked for Chase Manhattan and other major banks, and played an important role in the Nixon administration, phasing out exchange controls.
California lawmaker considers statewide CFPB
Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.
Quality of shared credits improves but leveraged-lending risks remain
Despite a generally positive picture in the Shared National Credit report, regulators warned that underperforming loans in the portfolio remain elevated.
Pimco fund to buy dumped CLO equity after reg change
The holdings demonstrate “resiliency over several credit cycles, with low realized principal losses and robust returns for CLO equity,” managers say.
New Florida law will loosen small-dollar lending rules
The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule.
PACE lenders downplay FHA’s reversal on lien priority
HUD's decision to stop endorsing Property Assessed Clean Energy will have little impact; the widest segment of FHA borrowers "would not qualify anyway."
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