The Consumer Financial Protection Bureau issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees.
Tag: Rohit Chopra
CFPB Bolsters Enforcement Efforts by States
In another effort to promote enforcement of consumer protection laws, the Consumer Financial Protection Bureau last week issued an interpretive rule that supports states’ authorities to pursue lawbreaking companies and individuals that violate provisions of federal consumer financial protection law.
#MBASecondary22: CFPB’s Chopra Looks to Technology—and Takes Aim at Mortgage Servicing
NEW YORK—Consumer Financial Protection Bureau Director Rohit Chopra says the future of consumer finance—and financial regulation—lies in technology.
CFPB: ECOA Protects Borrowers After Applying for, Receiving Credit
The Consumer Financial Protection Bureau on Monday published an advisory opinion affirming the Equal Credit Opportunity Act—a federal civil rights law protecting individuals and businesses against discrimination in accessing and using credit—bars lenders from discriminating against customers after they have received a loan, not just during the application process.
FHFA Announces Mandatory Supplemental Consumer Information Form Use
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form as part of the application process for loans that will be sold to the Enterprises.
CFPB Invokes ‘Dormant Authority’ to Examine Nonbank Companies Posing Risks to Consumers
In a highly unusual move, the Consumer Financial Protection Bureau on Monday announced it would invoke a largely unused legal provision to examine nonbank financial companies that pose risks to consumers.
CFPB Analysis Criticizes Consumer Reporting Companies on Complaint Response
A new Consumer Financial Protection Bureau analysis sharply criticized the three major nationwide consumer reporting companies, alleging changes in complaint responses provided by Equifax, Experian and TransUnion resulted in fewer meaningful responses and less consumer relief.
CFPB, DOJ Issue Joint Letters on Servicemember/Veterans’ Rights
The Consumer Financial Protection Bureau and the Department of Justice on Monday issued two joint letters Monday on legal housing protections for military families.
MBA Commends HUD Guidance on Special Purpose Credit Programs
HUD on Dec. 7 released guidance clarifying special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act.
CFPB, Federal Agencies Rescind April 2020 Joint Statement, Says Will ‘Step Up’ Borrower Protections
The Consumer Financial Protection Bureau and other government agencies on Wednesday announced a return to “enforcement of critical protections” for families and homeowners.