On December 4, 2020, the Consumer Financial Protection Bureau filed a lawsuit against LendUp Loans, LLC alleging that LendUp violated the Military Lending Act (MLA) in connection with its extensions of credit.
On December 1, 2020, the Consumer Financial Protection Bureau filed a lawsuit against DMB Financial, LLC alleging violations of the Telemarketing Sales Rule and the Consumer Financial Protection Act of 2010 in connection with its debt-settlement and debt-relief services.
On November 30, 2020, the Consumer Financial Protection Bureau issued its final Advisory Opinions Policy to publicly address regulatory uncertainty in the Bureau’s existing regulations and provide guidance to entities on outstanding regulatory uncertainty.
On November 30, 2020, the Consumer Financial Protection Bureau announced additions to its executive team.
The Consumer Financial Protection Bureau granted a no-action letter to Upstart Network, Inc., regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans.
On November 25, 2020, the Consumer Financial Protection Bureau launched a refresh of its public website, consumerfinance.gov. The updated website will feature additional user functionality, an improved layout, more content, and easier access to information.
Director Kathy Kraninger's remarks on small business lending data and research, the accuracy of credit reporting, and the use of alternative credit data at the November 2020 Academic Research Council Meeting.
On November 20, 2020, the Consumer Financial Protection Bureau issued a consent order against U.S. Equity Advantage, Inc. and its owner, Robert M. Steenbergh.
On November 20, 2020, the Consumer Financial Protection Bureau filed a lawsuit against FDATR, Inc., and its owners, Dean Tucci and Kenneth Wayne Halverson.
The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021.
The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020.
The Consumer Financial Protection Bureau and the Office of the Colorado Attorney General announced joint, virtual office hours to be held as part of the American Consumer Financial Innovation Network.
On November 12, 2020, the Consumer Financial Protection Bureau announced a settlement with Afni, Inc. to address its violations in providing information to consumer reporting agencies (CRAs).
The Consumer Financial Protection Bureau today filed a lawsuit against Driver Loan, LLC, and its Chief Executive Officer, Angelo Jose Sarjeant, for allegedly engaging in deceptive acts or practices in taking deposits from and offering credit to consumers.
The Consumer Financial Protection Bureau granted a no-action letter to Bank of America, N.A. regarding certain small-dollar credit products.
On November 2, 2020, the CFPB issued a consent order against SMART Payment Plan, LLC, finding that the company’s disclosures of its loan payment program contained misleading statements.
On October 30, 2020, the Consumer Financial Protection Bureau issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt.
Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions.
The Consumer Financial Protection Bureau issued today a final rule amending its Disclosure of Records and Information Regulation.
Director Kathy Kraninger's remarks on the role of economic analysis and evidence-based policymaking at the Bureau, the role of research to measure the effectiveness of rulemakings, and the role of research in supervisory and enforcement work.
On October 28, 2020, the Consumer Financial Protection Bureau Private Education Loan Ombudsman issued the 2020 Annual Report, which shows that that from September 1, 2019, through August 31, 2020, the Bureau handled approximately 7,000 complaints related to private or federal student loans.
Today, the Consumer Financial Protection Bureau settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act data about its mortgage transactions for 2016 and 2017.
On October 26, 2020, the Consumer Financial Protection Bureau issued a consent order against Low VA Rates LLC, which sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs that contained false, misleading, and inaccurate statements.
The Consumer Financial Protection Bureau issued an advance notice of proposed rulemaking requesting information related to consumer access to financial records.
