by Eric J. Ellman | Aug 13, 2024
In August 2024, as noted in a CFPB press release, the Bureau “filed a proposed order for enabling credit repair companies that harvest illegal fees.” The proposed order would “resolve its lawsuit against Credit Repair Cloud and CEO Daniel A. Rosen for providing...
by Eric J. Ellman | Aug 11, 2024
In June 2024, 13 trade associations sent a letter to the CFPB seeking a 30-day extension of the comment period from the published 60-day window. Those signing on were ACA International American Bankers Association (ABA), America’s Credit Unions (ACU), American...
by Eric J. Ellman | Jul 22, 2024
In July 2024, the CFPB announced an interpretive rule “explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act.” The Bureau also issued: Data spotlight. Director Chopra’s...
by Eric J. Ellman | Jul 16, 2024
In July 2024, CFPB Director Rohit Chopra spoke at the July 10 meeting of the U.S. Financial Literacy and Education Commission. Chopra is the vice chair of the commission. Chopra spoke about fraud in consumer payments. In his remarks, Chopra noted the sharp rise in...
by Eric J. Ellman | Jul 10, 2024
In July 2024, the CFPB announced proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would require mortgage servicers to focus on helping borrowers, not foreclosing, when a...
