SACRAMENTO – The Department of Financial Protection and Innovation (DFPI) announced today it has made significant progress growing its reach and impact in key areas affecting California consumers, two years into implementing one of the most expansive consumer financial protection laws in the nation.
On May 28, the Texas legislature passed the Texas Data Privacy and Security Act (TDPSA), also known as H.B. 4. The TDPSA was sent to Governor Greg Abbott on May 30. If signed into law, the TDPSA will take effect on July 1, 2024.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations. In at least thousands of cases, Phoenix continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt. Today’s order requires Phoenix to pay redress to affected consumers, and pay a $1.675 million penalty to the CFPB’s victims relief fund.
(June 8, 2023) – Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal. ROVs are requests from a financial institution to an appraiser or other preparer of a valuation report to reassess the value of residential real estate.
Peter Muriungi, CEO of Chase Auto, said at the summit Chase had adjusted to rising delinquencies primarily by getting tougher on borrower collateral. He said the bank was not as worried about the number of borrowers missing payments, but “collateral’s a bit concerning.”
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