In the financial world today, the idea of fairness is a major topic. For collections leaders, this focus is moving toward the resolution phase. As many consumers choose to work with debt settlement companies (DSCs), a new standard has emerged: these accounts must receive the same level of service and opportunity as those who talk directly to the lender.
The New York State Department of Financial Services (DFS) has finalized a consent order with Santander Consumer USA Inc. following an investigation into the company’s automobile loan servicing practices. According to a DFS news release, the agency found that Santander charged certain borrowers recurring fees related to loan payment extensions that were not fully disclosed in customer agreements.
A U.S. District Court Judge has temporarily halted an allegedly deceptive mortgage assistance relief operation lured homeowners with promises that it could provide mortgage relief assistance under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The order, entered in the U.S. District Court for the Central District of California, was issued at the request of the FTC.
The CFPB has announced plans to relocate its Washington, D.C., headquarters to a smaller office building in the city’s southwest quadrant while also implementing a phased return-to-office plan for employees. According to a report from Bloomberg Law, preparations for the new office space began on June 1, with operations staff tasked with readying the facility for employee occupancy.
The CFPB has now issued guidance on the consideration of immigration status in connection with the Regulation Z ability to repay requirements for credit cards and mortgage loans. Unfortunately, the guidance falls short of providing guideposts and will likely prove to be more problematic than helpful.
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