Articles Tagged with ''Consumer Financial Protection Bureau''

Senate Democrats push CFPB to retain oversight of military lending

Send letter in defense of Military Lending Act
Senate Democrats continue to push back against a decision by the CFPB to stop supervising lending made to active duty service members. The bureau recently began making plans to cut back its investigations on lenders that service military members. Now, Senate Democrats are calling on the CFPB to continue its oversight.
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A little less regulation from the CFPB, a little more action from the states

Why decreases in federal oversight brings more regulations
More and more, state regulators are stepping up to fill the void left by the Consumer Financial Protection Bureau. Because of this phenomenon, deregulation at the federal level could actually be creating new (and more complex) compliance challenges, especially for nonbank lenders and servicers that must be licensed in all 51 jurisdictions.
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CFPB joins global fintech regulation effort

Regulators look to trial cross-border solutions
The CFPB announced it will begin working with other regulators across the globe on fintech regulation efforts. The bureau will be working in collaboration with 11 other financial regulators across the world in their new initiative to create the Global Financial Innovation Network.
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NAFCU pushes CFPB for more exceptions to payday lending rule

Wants all "payday alternative loans exempted"
Back in October last year, the CFPB announced its new 1,690-page-long payday lending rule that included several exceptions for credit unions. The final rule exempts some loans issued by credit unions in conformance with the NCUA for PAL loans, but now, NAFCU wants more.
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Senate postpones vote for next CFPB director

New date yet to be determined
The Senate Banking Committee was set to vote Thursday on the confirmation of the next director of the Consumer Financial Protection Bureau but announced suddenly that it would postpone its vote. The new date for the vote is still to be determined.
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Mulvaney’s shot at new White House position falls through

Chief of Staff John Kelly announces plans to stay until 2020
CFPB Acting Director Mick Mulvaney was rumored to be in the running to become President Donald Trump’s next chief of staff, however, that job may have just fallen through the cracks. As it turns out, current Chief of Staff John Kelly announced he will be sticking around until 2020.
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Monday Morning Cup of Coffee: Are cities finally fed up with Airbnb wiping out local housing?

Plus, the CFPB opens a new office, regulatory sandbox for fintech development
Are cities over Airbnb? Looks like it. Last week, two city councils voted to limit the online home rental services activities in their cities, the latest in a series of moves to reign in the company, which some say are aggravating the housing crisis. That, plus more about the CFPB's new office in your Monday Morning Cup of Coffee.
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Senate slams CFPB director nominee Kraninger in hearing

But gets few answers
Last month, President Donald Trump nominated Office of Budget and Management Deputy Kathy Kraninger as the next director of the CFPB. Thursday, Kraninger appeared before the Senate Committee on Banking, Housing and Urban Affairs for her nomination hearing. As expected, the hearing had its share of controversy. Here’s what was – and wasn't – said.
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NAMB urges CFPB to re-examine policies

Asks bureau to develop process to reclassify consumers’ submissions
The National Association of Mortgage Brokers recently asked the Consumer Financial Protection Bureau to address immediate changes needed within the Consumer Complaint and Consumer Inquiry Handling Processes. NAMB states that the bureau falsely reported that consumers were experiencing extensive issues with mortgage brokers, but 90% of complaints were registered against lender and bank loan originators, not mortgage brokers.
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