After Citibank, N.A. allegedly violated the Truth in Lending Act by failing to reevaluate and reduce the annual percentage rates (APRs) of consumer credit card accounts, the Bureau of Consumer Financial Protection (CFPB) announced that it has reached a settlement with the bank. With the terms...
Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes a look at an Amazon delivery move and the reconsideration of a federal payday rule. Toys R Us is nearing the end — or is it? — CashShield has...
PHH Corporation has decided not to appeal a case that questioned the constitutionality of the Consumer Financial Protection Bureau (CFPB). According to American Banker, this ends a contentious four-year legal battle. Back in 2014, an administrative law judge ruled that PHH’s reinsurance agreements violated the...
The Consumer Financial Protection Bureau (CFPB) introduced a final rule on Thursday (March 8) that it said will help mortgage servicers communicate with borrowers who are facing bankruptcy. In a press release, the government watchdog agency said the final rule gives the mortgage servicers more...
August 29, 2017
The final payday lending rules are coming, but reporting by The Wall Street Journal over the weekend suggests that they may not take quite the toll on the lending industry as once thought. The Consumer Financial Protection Bureau (CFPB), it seems, is considering proposals that would scale back the rule’s scope. Instead of casting the net very, very wide to include all short-term […]
August 28, 2017
Last week’s news cycle was all about surprises. Hurricane Harvey blew into the coast of Mexico as a “blob of weather systems” and instead snuck up on the Texas shoreline...
June 20, 2017
Despite industry concerns — and a potential congressional challenge — the new CFPB prepaid card regulations looked full steam ahead to go into effect on schedule next year. But as...
June 12, 2017
Big picture thinking dominated news surrounding financial services and payments regulations this past week. In the U.K., a contentious election brought “hard” and “soft” Brexit into question, while Dodd-Frank got a...
June 29, 2018
After Citibank, N.A. allegedly violated the Truth in Lending Act by failing to reevaluate and reduce the annual percentage rates (APRs) of consumer credit card accounts, the Bureau of Consumer Financial Protection (CFPB) announced that it has reached a settlement with the bank. With the terms of the consent order, Citibank must pay $335 million in […]
May 04, 2018
PHH Corporation has decided not to appeal a case that questioned the constitutionality of the Consumer Financial Protection Bureau (CFPB). According to American Banker, this ends a contentious four-year legal...
March 09, 2018
The Consumer Financial Protection Bureau (CFPB) introduced a final rule on Thursday (March 8) that it said will help mortgage servicers communicate with borrowers who are facing bankruptcy. In a...
January 05, 2018
The top Democrat on the Senate Banking Committee is imploring the Trump administration to support the Consumer Financial Protection Bureau’s ruling against PHH Corporation. According to American Banker, PHH, a...
