Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger indicated to lawmakers at a Senate Banking Committee hearing last week that enforcement actions in 2020 are expected to increase from their current levels by the end of the fiscal year, according to testimony provided by the director herself. Sitting as the primary witness in a hearing […]
As the COVID-19 pandemic has created additional strain on the American financial system in addition to driving millions of working people out of employment, the Consumer Financial Protection Bureau (CFPB) has failed to adequately respond to the needs of working Americans at a time in which assistance is sorely needed. This was the contention that […]
Due to a recent enforcement action taken by the Consumer Financial Protection Bureau (CFPB) against a non-depository mortgage lender, the reverse mortgage industry may be able to take some lessons concerning its own compliance posture, according to an interview with a legal specialist conducted by RMD. Earlier this month, the CFPB issued an enforcement action […]
The Consumer Financial Protection Bureau (CFPB) announced on Friday that it has enhanced its previously controversial Consumer Complaint Database, providing additional information and context to new submissions. This allows reverse mortgage industry stakeholders to more clearly examine complaints specific to the product category, and to compare them with the broader figures of the data in […]
Consumers at or over the age of 62 reported less difficulty in paying for a bill or expense, though other factors including household income and whether or not they live in metropolitan areas also affected the standing of a person’s savings. This is according to the “Making Ends Meet Survey” conducted by the Consumer Financial […]
The President of the United States has the authority to fire the CFPB director with or without cause, though the Bureau itself is remaining intact, the United States Supreme Court decided Monday. Provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act requiring the single director the Consumer Financial Protection Bureau (CFPB) only be […]
The Consumer Financial Protection Bureau (CFPB) on Thursday issued several pieces of guidance related to the anticipated discontinuation of the London Interbank Offered Rate (LIBOR) index in 2021, in an effort to better facilitate creditors’ transition away from using LIBOR as an index for variable-rate consumer credit products. “The Bureau released an updated Consumer Handbook […]
In the first five years of retirement, American seniors are likely to face significant financial challenges in making ends meet. According to a survey of Americans who retired between 1992 and 2014 conducted by the Consumer Financial Protection Bureau (CFPB), over half (51%) had income, savings or other non-housing assets allowed them to maintain the […]
The Consumer Financial Protection Bureau (CFPB), in conjunction with the Department of Housing and Urban Development (HUD) and Federal Housing Finance Agency (FHFA), today announced the launch of a new website to help homeowners and renters impacted by the COVID-19 crisis. The site offers resources to help mortgage holders and renters find relief in cases […]
The Consumer Financial Protection Bureau (CFPB) has taken steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 coronavirus pandemic, issuing an interpretive which applies to the TILA-RESPA Integrated Disclosure (TRID) Rule and Regulation Z rescission rules. This is according […]
