Current Industry News
Elizabeth Warren ally Richard Cordray under discussion for Fed bank supervisor role, key senator says
The Democratic chairman of the Senate Banking Committee said Tuesday that he is talking with the White House about nominating Richard Cordray, who was the first director of the Consumer Financial Protection Bureau, to be the Federal Reserve’s top banking regulator.
With Delinquencies Rising, Experts Advise Flexible Repayment Plans for BNPL Users
With defaults on buy now, pay later loans on the rise, BNPL providers need to be cognizant that creating a flexible repayment plan can not only help improve recovery rates, but help retain delinquent customers by providing a better customer experience during the collection phase, says a study from digital debt-collection agency TrueAccord.
CONSUMER ALERT: Attorney General James Urges Consumers to Be Aware of Rights When Faced With Attempts to Collect Upon Consumer Debt
NEW YORK – New York Attorney General Letitia James today issued a consumer alert, informing New Yorkers of their rights when contacted by a debt collector. Consumers facing debt collection now have added protections under federal and state law. New nationwide rules adopted by the Consumer Financial Protection Bureau (CFPB) — that took effect yesterday — limit how and when debt collectors are allowed to contact consumers.
CFPB Issues a Request for Information Seeking Public Comment on Detecting Discrimination in Mortgage Lending
On Tuesday, November 16, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a request for information seeking input on rules implementing the Home Mortgage Disclosure Act (“HMDA”), to evaluate whether the rules currently meet HMDA’s stated goals. HMDA, originally enacted in 1975, requires qualifying lenders to collect, report, and disclose data about originations and purchases of mortgage loans, as well as mortgage loan applications that do not result in originations.
