SoFi Fined $110,000 For Unlicensed Mortgage Servicing in Pennsylvania
Earlier this week, the Pennsylvania Department of Banking and Securities (PA DOBS) fined SoFi Lending Corp., a subsidiary of SoFi that provides mortgage finance services in the state, $110,000 for servicing mortgages without a state license. Since June 30, 2018,...
CFPB Director Kraninger Convenes Symposium on Section 1071 of Dodd-Frank Act
Yesterday, CFPB Director Kathleen Kraninger convened the third in a series of symposia that she previously said was “aimed at stimulating a robust, proactive, and transparent dialogue with experts reflecting diverse viewpoints across a range of subject matter areas.”...
House Financial Services Committee to Tackle Multiple Topics in November
Last week, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) announced several committee hearings and topics that her committee is set to address over the month of November. The House is currently out of session on a District Work Period through...
CFPB Announces Dollar Thresholds for Truth in Lending and Consumer Leasing
Last week, the Consumer Financial Protection Bureau (CFPB) announced new dollar thresholds for Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2020. These thresholds...
Supreme Court Assigns Defender of the CFPB
Last week, the U.S. Supreme Court appointed Paul Clement to defend the constitutionality of the Consumer Financial Protection Bureau (CFPB) in Seila Law v. CFPB. Normally, the Department of Justice would defend the CFPB in a case such as this, but the Trump...
House Passes Financial Inclusion Bill
On October 28, the House of Representatives passed the Financial Inclusion in Banking Act, a bill that aims to address “systemic barriers in traditional banking and promotes greater inclusion in our nation’s financial system.” According to Congressman David Scott, who...
Congressional Democrats Urge CFPB to Continue Gathering Mortgage Data
Senator Sherrod Brown, Ranking Member of the Senate Banking Committee, sent a letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger urging her and the CFPB to continue collecting Home Mortgage Disclosure Act (HDMA) data, which the letter says...
State AGs Asking Federal Regulator to Prohibit Debt Collectors from Using Social Media
State Attorneys General (AGs) from 28 states sent a letter to the Consumer Financial Protection Bureau (CFPB) asking the federal regulator to prohibit debt collectors from using social media to contact consumers about an outstanding debt. Announced earlier this year,...
