CFPB, Federal Agencies, State Agencies, and Attorneys General
The House and Senate on September 25, 2024 passed legislation that would extend key parts of the National Flood Insurance Program (NFIP) until December 20, 2024. The extension is included in H.R. 9747, which also would provide funds for much of the federal government to keep operating until that date.
President Biden has said he will sign the legislation.… Continue Reading
As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the Center for American Progress.
“When an existing or competing lender is seeking to refinance a loan with a much lower rate for a substantially similar mortgage, it may not be worthwhile for the lender to repeat many of the steps that were taken during the purchase process,” Chopra said.… Continue Reading
The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content.
The bureau said that the events are intended for compliance staff that will be registering covered orders with the CFPB’s nonbank enforcement order registry.… Continue Reading
The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report.
The CFPB said that those complaints amounted to 53% of the debt collection complaints filed with the bureau in 2023.… Continue Reading
Many financial services providers would be required to allow consumers seeking assistance to be connected to a “real person” by clicking on one button, under a new Biden Administration “Time is Money” initiative.
“Companies often deliberately design their business processes to be time-consuming or otherwise burdensome for consumers, in order to deter them from getting a rebate or refund they are due or canceling a subscription or membership they no longer want—all with the goal of maximizing profits,” the administration said in a fact sheet.… Continue Reading
The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it.
Congress has been unable to enact a long-term extension of parts of the program. Traditionally an extension of the authorization to write new insurance contracts has been included in short-term and end-of-year appropriations measures.… Continue Reading
The CFPB’s latest focus on consumer fees is targeting payment processors for school lunches. The CFPB says that families who choose to purchase school lunches are being forced to pay fees to companies that process their payments.
“These fees are widespread, regressive, and may be burdensome for families and districts, who have little control over fee rates and few opportunities to shop around,” the bureau said, in releasing a report on the payment processors.… Continue Reading
The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for consumer financial products or services that seek to waive or limit consumer rights or legal protections (“Covered Terms”).… Continue Reading
The CFPB has released its Summer, 2024 Supervisory Highlights, covering issues ranging from student loan servicing to financial institution supervision of medical providers offering payment products. The report covers the period from April 1, 2023 to December 31, 2023.
Here are key findings from the report:
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.… Continue Reading
