Policy and Regulation

The regulator's demands for ending the action were excessive, Ocwen claimed.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.

The Consumer Financial Protection Bureau is headed for more disruption in the new year with a Democratic administration likely to reverse several GOP-backed policies. More aggressive relief for mortgage borrowers, a rollback of Trump-era rulemakings and yet another realignment of CFPB offices will all be on the table.

Brian Brooks, the acting comptroller of the currency, used a selective (and dubious) interpretation of the Dodd-Frank Act to argue for more say on when banks can preempt state law.

In the waning days of the Trump administration, the agency issued a new legal theory of its power to let national banks evade state consumer protection laws. But some state attorneys general and consumer groups charge the federal regulator is attempting to sidestep restrictions imposed by Dodd-Frank.

The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy.

The proposal would require the government-sponsored enterprises to craft resolution plans similar to regulations imposed on the largest U.S. banks.

The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies.