OCC: Comptroller of the Currency Support CFPB Proposed Rule on Short-Term Small-Dollar Lending

Comptroller of the Currency Joseph Otting today issued the following statement supporting Director Kathy Kraninger and the Consumer Financial Protection Bureau’s proposed rule rescinding requirements that lenders make certain underwriting determinations before issuing short-term small-dollar loans. On February 6, 2019, the Consumer Financial Protection Bureau took an important and courageous […]

CFPB: New Credit Monitoring, Medical Debit Restrictions and Mortgage Protections for Servicemembers and Veterans

Free credit monitoring, medical debt credit reporting restrictions, and mortgage protections for those recently back from active duty In May 2018, new protections for servicemembers and veterans were signed into law . The Federal Trade Commission (FTC) and the Bureau previously highlighted the new federal law that went into effect […]

CFPB: Notice of Proposed Rulemaking on Payday Lending Released

The Consumer Financial Protection Bureau today is proposing to rescind certain provisions of its 2017 final rule governing “Payday, Vehicle Title, and Certain High-Cost Installment Loans.” Specifically, 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 […]

ABA: Report Shows Credit Card Market Expands Further in Third Quarter as the Economy Sustains Robust Growth

Credit card use continued to increase in the third quarter of 2018, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Compared to the previous quarter, purchase volumes increased for both subprime and super-prime accounts, but moderated for prime accounts. On an annual basis, monthly purchase volumes […]

FHFA: Indices Show Little Movement in Mortgage Interest Rates in December 2018

Nationally, interest rates on conventional purchase-money mortgages were nearly flat from November to December, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.83 percent for loans closed in late December, down 3 […]

CFPB: Bureau Releases Sixth Annual Report from the Office of Servicemember Affairs

I am pleased to offer the sixth annual report from the Office of Servicemember Affairs (OSA) highlighting issues and emerging trends facing servicemembers, veterans, and military families (collectively referred to as “servicemembers” in this report). The Consumer Financial Protection Bureau (CFPB) and the OSA are committed to ensuring that servicemembers […]

CFPB: Bureau Asks Congress for Clear Authority to Supervise for Compliance with the Military Lending Act

Consumer Financial Protection Bureau Director Kathleen L. Kraninger today issued the following statement announcing that she has asked Congress to grant the CFPB clear authority to supervise for compliance with the Military Lending Act (MLA). “The Bureau is committed to the financial well-being of America’s service members. This commitment includes […]

CFPB: Assessments of Ability-to-Repay and Mortgage Servicing Rule Published

The Consumer Financial Protection Bureau (Bureau) today published a report under section 1022(d) of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) assessing the effectiveness of the Bureau’s Ability to Repay and Qualified Mortgage Rule and a separate report assessing the effectiveness of the Bureau’s mortgage servicing rule […]