CFPB moves closer to enforcement action on student loan issuer
The agency wants the National Collegiate Student Loan Trusts, which sell student loan asset-backed securities (ABS) to investors, to pay $2.25 million in fines to borrowers.
Enforcement actions
New wave of challenges to CFPB’s funding gains steam
Four companies are fighting CFPB enforcement actions by claiming the agency cannot be funded by the Federal Reserve, which has not been profitable since 2022. The consumer bureau calls the new legal theory "meritless."
CFPB rescinds Trump-era policy defining ‘abusive’ conduct
The agency's new leadership, which has already unwound numerous actions from the prior administration, said the January 2020 guidance implementing criteria for punishing firms that mistreat customers was “inconsistent with the bureau’s duty to enforce Congress’s standard.”
States failed to fulfill consumer protection promise in Trump era
As the Consumer Financial Protection Bureau slowed its pursuit of bad actors, state attorneys general vowed to pick up the slack. Here’s why they fell short — and why they are poised to get aggressive again.
Acting CFPB head calls out industry for slow complaint response times
Interim CFPB Director Dave Uejio expressed concern that financial institutions have dragged their feet in resolving disputes with consumers for service issues during the pandemic.
New CFPB boss vows to get tough on military lending, pandemic relief laws
Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.
Ocwen, CFPB mediation talks end with no settlement, the company says
The regulator's demands for ending the action were excessive, Ocwen claimed.
CFPB fines Nevada lender over alleged Military Lending Act violations
The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.
How far left will CFPB swing in 2021?
The Consumer Financial Protection Bureau is headed for more disruption in the new year with a Democratic administration likely to reverse several GOP-backed policies. More aggressive relief for mortgage borrowers, a rollback of Trump-era rulemakings and yet another realignment of CFPB offices will all be on the table.
CFPB fines Santander Consumer $4.7M for fair-lending violations
The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies.
CFPB orders Discover to pay $35 million for student lending mishaps
The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.
Seterus agrees to pay $5M in distressed servicing settlement with CFPB
The company was accused of sending borrowers erroneous loan modification information between 2014 and 2018.
Mr. Cooper, two other servicers settle past claims with government
On the same day that Mr. Cooper announced a settlement with state and federal authorities over its servicing practices, the Dallas company, U.S. Bank and PNC reached separate agreements with DOJ regarding bankrupt borrowers.
CFPB staff shake-up seen hampering investigations
The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.
Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill
The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.
California’s ‘mini-CFPB’ plan is back in play. Banks aren’t happy.
A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.
CFPB launches investigation of Quicken Loans real estate affiliate
The Detroit lender disclosed that the consumer bureau had sent a civil investigative demand to Rocket Homes Real Estate for potential violations of the Real Estate Settlement Procedures Act.
CFPB declares most agency rules still valid after high court decision
The agency sought to provide certainty that most actions from the past eight years remain in effect despite the ruling that the bureau's leadership structure is unconstitutional.
CFPB chief takes heat from Senate Dems for regulators’ response to virus
Kathy Kraninger was grilled about whether her agency and others were doing enough to cushion consumers from the economic blow of the coronavirus crisis.
CFPB proposes legislation to pay whistleblowers who tip off agency
The agency's effort to engage with lawmakers on a whistleblower award program is one of three initiatives the bureau announced to advance its strategy of preventing consumer harm.
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