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.
On June 4, the Federal Deposit Insurance Corporation (FDIC) filed an amicus brief in the Tenth Circuit’s en banc rehearing of National Association of Industrial Bankers v. Weiser, supporting industry plaintiffs and arguing that the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) § 525’s phrase “loans made in such State” refers to the state where the bank is located and performs key lending functions, not where the borrower resides.
Strategic segmentation involves looking at more than just the balance or how late a payment is. It requires a careful look at the borrower’s intent and how well the settlement advisor has performed in the past. By moving toward a more detailed approach, lenders can offer the right solution at the right time.
The Illinois Department of Financial and Professional Regulation (IDFPR) has launched a new online submission option intended to modernize and simplify the manner in which Illinois consumers file complaints. The new portal will accept complaints that will be directed to the Division of Banking (DOB) as well as complaints that will be directed to the Division of Financial Institutions (DFI). State officials said it creates a unified and more accessible complaint process for Illinois residents.
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