The CFPB’s Student Loan Ombudsman has released his annual report, again emphasizing complaint volume without investigating all complaints, suggesting that states should acquiesce when the Department of Education promulgates rules that exceed its statutory authority, and blaming servicers for communications issues caused in no small part by the Department of Education’s failure to provide clear directions and to set and adequately fund appropriate staffing levels for federal student loan servicing.… Continue Reading

Mississippi Bankers Association, the American Bankers Association, the Consumer Bankers Association, America’s Credit Unions, and three banks are seeking a preliminary injunction blocking the CFPB from implementing the bureau’s controversial overdraft rule finalized just a month prior to the Trump Administration change and expected CFPB leadership change.

We suspect that the plaintiffs will be able to easily establish the factors necessary for the court to grant a preliminary injunction in this case.… Continue Reading

The National Flood Insurance Program’s authorization to write new policies will expire December 20, unless Congress acts to extend it.

An extension had been included in the Continuing Resolution that the House and Senate were poised to consider this week. That legislation would have funded many federal programs until March 14.… Continue Reading

In today’s podcast episode, we are joined by Raj Date, who has served in a variety of roles at the Consumer Financial Protection Bureau, including as the acting head of the agency and as it’s first-ever Deputy Director. He recently wrote a thought-provoking article in a new online publication, Open Banker, entitled “Banks Aren’t Over-Regulated, They Are Over-Supervised.”… Continue Reading

A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require larger credit card issuers to lower their late fees to $8 and that would also permit smaller credit card issuers to charge late fees up to $32 for a first violation and up to $43 for a subsequent violation during the next six billing cycles.… Continue Reading

The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees and charges, the CFPB and the Justice Department reminded financial institutions in a recent letter.… Continue Reading

As previously reported, this summer the U.S. Department of Housing and Urban Development (HUD) filed a housing discrimination charge under the Fair Housing Act against an appraisal company, individual appraiser, appraisal management company and lender based on an asserted biased appraisal and denial of a mortgage refinance loan application based on the appraisal.… Continue Reading

The current and incoming Republican leaders of the House Financial Services Committee have asked financial regulators, including the CFPB, to stop “finalizing partisan rulemaking” over the next several weeks.

“The financial system, its institutions, consumers, and the CFPB itself do not benefit from last-minute partisan rulemaking attempts,” current Chairman Rep. Patrick McHenry, R-N.C.;… Continue Reading

The CFPB intends to issue a proposed rule to address the impact of credit reporting relating to accounts of survivors of domestic violence, elder abuse, and other forms of financial abuse.

The bureau has issued an Advance Notice of Proposed Rulemaking (ANPR) to gather input on potential amendments to the regulation that implements the Fair Credit Reporting Act.… Continue Reading

The CFPB has issued its long-awaited final rule that covers overdraft policies at financial institutions with at least $10 billion in assets. The final rule offers those financial institutions three options for designing their overdraft programs.

The rule came one day after Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C.… Continue Reading