The Consumer Financial Protection Bureau (CFPB) will become more efficient by slashing spending and reducing staff this year and beyond, according to the agency’s annual performance plan for fiscal year 2019.
The CFPB expects to spend $533 million in FY 2019 and $503.9 million in FY 2020, a drop of 9 percent from 2018.
Read on for more from the report, which also advocates decreasing the agency’s Supervision, Enforcement and Fair Lending budget.
The Office of the Comptroller of the Currency (OCC) announced a cease-and-desist order against the New York, Chicago and Los Angeles federal branches of MUFG Bank, Ltd., Tokyo, Japan, for violating the Bank Secrecy Act (BSA) and its underlying regulations.
The order stems originally from penalties brought in 2013 and 2014 by the New York Department of Financial Services against branches for BSA violations. The consent order issued by the OCC said it found those deficiencies, and others, at the bank dating back to 2016.
Read on for more details of what examiners found.
House Financial Services Committee Chairwoman Maxine Waters wants answers as to why the Consumer Financial Protection Bureau (CFPB) recently found three companies violated the law, but failed to require the businesses to provide redress to consumers who have been harmed.
Reps. Waters (D-Calif.) and Al Green (D-Texas) told CFPB Director Kathy Kraninger the recent settlements stand in stark contrast to the bureau’s practice under former Director Richard Cordray.
Read on for details from the letter to the bureau.
The Consumer Financial Protection Bureau (CFPB) has agreed to settle with a payday lender accused of failing to accurately disclose the annual percentage rate (APR) of loan products before consummation and making harassing collection calls to borrowers’ references.
The bureau alleges the company excluded a $1 payday loan database fee from the APR calculation for Kentucky loans during a two-year period.
Read on for details from the consent order.
The Consumer Financial Protection Bureau (CFPB) announced it will propose to rescind ability-to-repay (ATR) and mandatory underwriting provisions of its small-dollar lending rule.
The bureau is proposing to rescind the rule’s requirements that lenders make certain underwriting determinations before issuing payday, single-payment vehicle title and longer-term balloon payment loans.
Read on for details about the possible changes, which the CFPB says would increase consumer access to credit.
The Consumer Financial Protection Bureau (CFPB) has agreed to settle with overseas payday lenders accused of unfairly marketing and collecting on loans.
The bureau alleges the defendants misrepresented to consumers that they were obligated to repay loan amounts even though state law voided the loan.
Read on for details from the consent order, which permanently bars the companies from collecting on any of their existing loans to U.S. consumers.
The Consumer Financial Protection Bureau (CFPB) has entered into a settlement agreement with a contract broker that offers high-interest pension advances to veterans.
The bureau found that Mark Corbett misrepresented to U.S. veterans with disability pensions that the contracts he facilitates are valid and enforceable when, in fact, the contracts are void because veterans’ pension payments are unassignable under federal law.
The Consumer Financial Protection Bureau (CFPB) has agreed to settle with a Chicago-based online lender that extends unsecured payday and installment loans, and lines of credit.
The bureau found that Enova violated the Consumer Financial Protection Act (CFPA) by debiting consumers’ bank accounts without authorization.
The bureau found also that Enova failed to honor loan extensions it granted to consumers.
The Consumer Financial Protection Bureau (CFPB) has entered into a settlement agreement with a jewelry wholesaler accused of using deceptive sales tactics when promoting in-store credit financing options.
The bureau and the New York Attorney General’s office also alleged that the Ohio-based company’s salespeople routinely signed up customers for third-party insurance on store-issued credit without their knowledge or consent.
Five years after the Consumer Financial Protection Bureau passed its first mortgage servicing rules, the agency looked back on the effect of its rules on the industry in a report mandated by the Dodd-Frank Act.
It found the rule prevented thousands of additional foreclosures annually and kept thousands more from falling into delinquency, but came at a cost to servicers large and small through the industry.
Read on for a first look at the CFPB’s findings from the impact of its mortgage servicing rules.
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