‘Warren Phenomenon’ Causing Reg Relief Delay: House Republican
Rep. Patrick McHenry said Democrats' resistance to passing certain regulatory relief measures is due to a leftward shift. News
GOP Appropriators Plot Raid on GSE Housing Trust Funds
A House subcommittee approved a bill Wednesday that would redirect money from an affordable housing fund that receives money from Fannie Mae and Freddie Mac into another program run by HUD. News
CFPB Sues Individuals in Large Mortgage Kickback Scheme
A mortgage title company and a handful of individuals are being sued by the Consumer Financial Protection Bureau and Maryland Attorney General related to an alleged mortgage kickback scheme with banks such as Wells Fargo and JPMorgan Chase. News
Backlog Forces CFPB to Slow Down New Investigations
The Consumer Financial Protection Bureau's enforcement attorneys have pulled back on new investigations in order to clear out a slew of pending cases, according to multiple current and former officials at the agency. News
New York State Proposes New Rules on Title Insurance Companies
New York Gov. Andrew Cuomo and New York Superintendent of Financial Services Benjamin Lawsky today proposed new regulations for the title insurance industry, including restrictions on meal and entertainment expenses. News
Student Loans, Auto Loans Drive Consumer Borrowing Surge
Consumer borrowing to a record high in February, fueled by a large jump in auto and student loans. The value of non-revolving debt climbed by the most since July 2011. Collection & Credit Risk
ACA Supports Ending Operation Choke Point
ACA International is supporting legislation and policy changes designed to help stop "Operation Choke Point" - the program in which the FDIC and Department of Justice reportedly applied pressure to financial institutions to cut off services to certain licensed, legally operating industries. Collection & Credit Risk
Loretta Lynch to Keep Pressure on Banks Facing Mortgage Probes
Judging by the help-wanted notice that Loretta Lynch posted last year, the freshly confirmed U.S. Attorney General intends to pick up where her predecessor left off and make lenders pay for their role in the subprime crisis. News
Consumer advisory: You’ve got options when it comes to overdraft
Today, we’re announcing an enforcement action against Alabama-based Regions Bank for charging overdraft fees to consumers who had not opted-in for overdraft coverage. We’re requiring Regions Bank to fully refund all affected consumers – hundreds of thousands of consumers have already been refunded $ 49 million in fees. We’re also fining the company $ 7.5 [...]
Save the date, Milwaukee!
Join us for a field hearing in Milwaukee on student debt. The hearing will take place on Thursday, May 14 at 10 a.m. CDT. More information about the event will follow. The hearing will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. This [...]
