Current Industry News
CFPB Issues Rulemaking Agenda with October 2020 Deadline for Debt Collection Rules
The Consumer Financial Protection Bureau announced in its spring rulemaking agenda issued this week that it expects to take final action on the proposed debt collection rules in October 2020.
OCC report highlights elevated compliance risks in banking
In its spring “Semiannual Risk Perspective” report, the OCC found banks “face weak economic conditions resulting from the economic shutdown in response to the pandemic that will stress financial performance in 2020.” Among highlights from the report, the OCC noted that “compliance risk is elevated,” because of a combination of altered operations, employees working remotely, and several new federal and state programs designed to support consumers—such as the CARES Act, Paycheck Protection Program, and a variety of forbearance and deferred payment programs. “Among other challenges, these conditions complicate the compliance responsibilities associated with managing high volumes and various programs of consumer and business lending in a weakened economy,” the OCC said.
CFPB, OCC Host Virtual Innovation Office Hours
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) today announced they will host joint, virtual Innovation Office Hours, July 29-30, as part of the American Consumer Financial Innovation Network (ACFIN). Participants will have the opportunity to discuss issues that touch upon both consumer protection and prudential regulation.
Loans in coronavirus mortgage bailouts see largest weekly decline yet — but there are more red flags
The number of borrowers in government and private sector coronavirus-related mortgage bailouts just fell by the largest weekly volume since these plans were put in place. There are, however, warning signs that the programs could swell again.