Tag Archives: Rohit Chopra

The new proposed rule would require nonbank financial companies to register their use of contract terms and fine print that seek to waive or limit consumer rights and legal protections.

Wells Fargo has been ordered by the Consumer Financial Protection Bureau to pay $2 billion in restitution and $1.7 billion in fines. Click through to read the details, as well as the bank’s official statement.

The proposal of a registry of company and court order information will assist the Bureau in identifying and mitigating risks to American households, according to the CFPB.

This coming week, Rohit Chopra, Director of the CFPB, will provide an update to the Senate Banking Committee on the latest actions the Bureau has taken to protect consumers from financial misconduct.

In the Bureau’s Fall 2022 report, some mortgage servicers were cited for violations of federal law by charging sizable phone payment fees and for charging consumers fees while they were in CARES Act forbearances.

A new document outlines a list of proposals and alternatives under consideration for the Consumer Finance Protection Bureau’s data rights rulemaking—strengthening consumers’ access and rights to their financial data—through updates to the Dodd-Frank Act.

A group of seven banks and trade groups are taking legal action in the Eastern District of Texas, challenging the Bureau’s update to the Unfair, Deceptive, or Abusive Acts or Practices Section of its exam manual, and for potentially violating the Administrative Procedure Act.

In a move to assist borrowers in times of distress, the FHFA will require mortgage servicers to obtain fair lending data on borrowers to better understand their needs throughout the life of the loan. 

Settlement with mortgage lender for $22 million-plus marks the first redlining settlement that the CFPB and DOJ has reached with a non-bank entity.

New guidance from the Bureau affirms that “permissible purposes” are required to use and share credit reports and background reports by companies compiling personal data.