Links in “Agencies”
- Do the Crime, Pay the Fine… Non-Banks, Too
The CFPB issued a report highlighting illegal actions uncovered by the Bureauâs supervision within non-bank markets. These include payday, debt collection, and consumer reporting markets, which are being federally supervised for the first time. Recent non-bank supervisory activities have resulted in over $70 million in remediation. [5/23]
- CFPB to Open Advisory Group Meeting Doors
Bowing to industry and political pressure, CFPB announces it is ending its closed-door policy for its four advisory groups. [5/22]
- CDFI Fund Wants $225 Million in 2015 Budget
A Treasury official appeared before the Senate Subcommittee on Financial Services and General Government asking for $225 million for the Community Development Financial Institution Fund in the 2015 Budget. This money would be used to support the CDFI Program, the Healthy Food Financing Initiative, the Native American CDFI Assistance Program, and provide resources for the administration of the CDFI Fund. [5/22]
- FTC to Debt Collection Agency: You Can’t Do That
Southern California debt collection operation Asset Capital and Management Group will pay more than $4 million for consumer redress to settle with FTC over charges of extorting payments and threatening consumers. [5/22]
- CFPB Union Leader: Bureau Slow to Address Complaints
In hearings in the House, union leader to testify that the CFPB was not responsive when unfair treatment to minority and older employees was first raised in September 2013. The disparities became public in March 2014, which seemed to make a notable difference in how the CFPB responded. [5/22]
- Fifth District Court of Appeals Reshuffles Mortgage Deck
Floridaâs Fifth Circuit Court of Appeals added much needed clarity to the question of when a foreclosure action is time-barred by the applicable statute of limitations. The Fifth District Court of Appeals stated, âwe conclude that a foreclosure action for default in payments occurring after the order of dismissal in the first foreclosure action is not barred by the statute of limitations found in section 95.11(2)(c), Florida Statutes, provided the subsequent foreclosure action on the subsequent defaults is brought within the limitations period.â [5/21]
- CFPB Releases Study That Gives Evidence to Underestimated Credit Scores
Today the Consumer Financial Protection Bureau is releasing a study on how the collection of medical debt affects a consumerâs credit score. The study found that the credit scoring models accounted differently for medical debt in collections and medical debt that is repaid by the borrower. In short, scores could be more predictive if they treat medical debt and non-medical debt differently. [5/21]
- New Student Loan Legislation Could Lower Interest Rates for Existing Borrowers
The Bank on Students Emergency Loan Refinancing Act would allow eligible student loan borrowers to refinance their loans at lower rates offered to new borrowers. The CFPB foresees that "there may be a domino effect on the broader economy if we ignore borrowers currently stuck with high student loan payments."  [5/21]
- House Hearing to Address CFPB Transparency
Besides the hearing on alleged employee discrimination at the CFPB, there will be a second hearing this week on the need for greater transparency at the bureau. There are nearly a dozen bills and discussion drafts in varying stages that address CFPB's administrative practices. [5/21]
- 9 Individuals Cost Credit Suisse $100m
The Federal Reserve Board on Monday announced that Credit Suisse will pay a $100 million penalty for unsafe and unsound practices and failure to comply with the federal banking laws governing its activities in the United States. As part of the order, Credit Suisse has agreed to terminate its relationship with, and not re-employ or otherwise engage, nine individuals who were involved in the actions that resulted in the violation of U.S. laws. [5/20]
