CFPB

Once again, the Consumer Financial Protection Bureau declined to discuss any of the findings from its TRID exams in the latest version of its Supervisory Highlights.

In 11 reports since the implementation of the TRID rule, only one has contained any guidance from supervisory findings around TRID – that coming in September 2017.

Instead, the latest version of the report – covering the period from April through August 2019 – tackled payday lending, debt collection, mortgage servicing and student loan servicing.

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In a case recalling the Consumer Financial Protection Bureau’s chokepoint crackdown on payment processors, the Department of Justice has filed for temporary restraining orders against five companies and three individuals allegedly responsible for carrying hundreds of millions of fraudulent robocalls to American consumers.

The calls, most of which originated in India, led to massive financial losses to elderly and vulnerable victims across the nation. 

Read on for more details of the lawsuits filed, and how the actions are similar to those taken by the bureau from 2013-2015.

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The Consumer Financial Protection Bureau (CFPB) announced that it will hold a symposium on Consumer Access to Financial Records and Section 1033 of the Dodd-Frank Act.

The CFPB’s data access symposium is intended to elicit a variety of perspectives on the current and future state of the market for services based on consumer-authorized use of financial data.

Read on for more about the event, which will feature remarks by CFPB Director Kathy Kraninger.

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A group of financial services trade associations recently wrote federal regulators to comment on potential changes to the qualified residential mortgage (QRM) status.

The Dodd-Frank Act created QRM loans, which were intended to have standards for credit risk retention which originators must meet to have a loan earn QRM status and the safe harbor protections which go along with it.

Read on for details of the associations’ request to federal regulators.

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The Department of Justice announced that four members of the Chinese People’s Liberation Army have been indicted for causing the 2017 data breach of Equifax that affected 145 million Americans.

The nine-count indictment alleges that the four were members of the PLA’s 54th Research Institute, a component of the Chinese military. They allegedly conspired with each other to hack into Equifax’s computer networks, maintain unauthorized access to those computers, and steal sensitive, personally identifiable information.

Read on for more details about the two-year investigation into the Equifax breach.

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A new report from Venminder details the state of third-party risk management, finding that little has changed in investment in third-party risk management, but that regulatory focus is on the rise.

Notably, it found that more companies are using a technology platform to help manage vendor management, but also that regulators are actively focused on exams in the space.

Read on for more details from the report.

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A new agreement between the Consumer Financial Protection Bureau (CFPB) and the Department of Education is expected to smooth over differences between the agencies which have arisen over the past two years.

The agencies announced the signing of a Memorandum of Understanding to define primary roles in handling student loan servicing issues, with the Department of Education having primary responsibility over federal student loans and the CFPB handling the private student loan issues.

Read on for more details from the agreement.

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The immediate focus for many from Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s appearance before the House Financial Services Committee was the discussion on the bureau’s recent policy statement surrounding abusiveness.

But the most revealing moments might have come in two of the CFPB’s most recent enforcement cases.

Read on for details from Kraninger’s appearance, including her response to notions that the CFPB was weak in its handling of a recent bank enforcement action.

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The last enforcement action filed in court by the Consumer Financial Protection Bureau under the leadership of Richard Cordray has been resolved.

The bureau announced a settlement in its case against bankrupt debt collector Think Finance in which the companies who reportedly operated a $133 million online loan scheme will be forced to pay $7 in civil money penalties.

The CFPB announcement was made in conjunction with a bankruptcy settlement which is expected to create a fund of as much as $39 million in consumer redress. Read on for more details. Read on »

Various trade advocates pointed to the additional cost burdens associated with TRID regulations and questioned whether those regulations have had the desired effect.

Advocates for both community banks and credit unions, in particular, cited numerous concerns pertaining to TRID’s impact on compliance costs and its impact on their effect on smaller institutions’ ability to compete with their larger industry counterparts.

Learn more about the industry’s concerns.

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