Recent Senate hearings have sparked renewed debate over a national mortgage database that will hold information about millions of mortgage, credit card and auto loans, loan terms, borrowers’ credit profiles and financial information.
WASHINGTON – Legislation that would impose a single standard on how privileged information submitted to any federal agency is treated has passed both houses in Congress and is expected to be signed by President Barack Obama.
Some lawyers engaging in debt collection will now be supervised by the Consumer Financial Protection Bureau pursuant to a new rule promulgated by the agency.
It will be the first time lawyers are subject to oversight by a federal agency.
Published: August 3, 2012
Tags: Bankruptcy Code, CFPB, Consumer Financial Protection Bureau, Department of Education, Dodd-Frank Wall Street Reform and Consumer Protection Act, federal loans, student loan debt, student loans, TILA, Truth in Lending Act
A new federal study recommends changes in consumer protection and bankruptcy law to provide relief for those Americans saddled with a share of the country’s $1 trillion in student loan debt, largely blaming private lenders for the problem.
WASHINGTON – The Consumer Financial Protection Bureau is proposing a regulation that would increase its oversight of nonbank entities such as mortgage lenders, mortgage servicers, payday lenders, consumer reporting agencies, debt collectors and money services companies.
The new federal consumer protection bureau has proposed a rule that would place large-scale debt collectors and consumer reporting agencies under its “nonbank” supervision program.
WASHINGTON – The president of the U.S. Chamber of Commerce said the organization would take a wait-and-see approach in deciding whether to file a legal challenge over President Barack Obama’s recess appointments to the Consumer Financial Protection Bureau and the National Labor Relations Board, but added that a lawsuit could be forthcoming depending on the agencies’ actions.