Capital One Cuts Card Limits Amid U.S. Impasse on Jobless Aid

(Bloomberg) -- Capital One Financial Corp. is cutting borrowing limits on credit cards, reining in its exposure as the U.S. reduces support for millions of unemployed Americans.

National media highlights NAFCU’s efforts to strengthen CUs amid pandemic

In an exclusive interview with Cardrates.com,
NAFCU Vice President of Media Relations and Communications Jacqueline Ramsay discussed the association's relentless commitment to strengthening the credit union industry amid the coronavirus pandemic by providing extreme member service. 

No interest, no payments required on federal student loans until 2021

It’s official: if you have federally held student loans, you don’t have to make any payments until January. Following a memorandum from President Donald Trump, the Department of Education says it will automatically extend the suspension of student loan payments for everyone with federally held student loans through the end of the year, and keep the interest rate at 0%. While payments are paused, those working toward Public Service Loan Forgiveness or loan rehabilitation will also continue to get credit as if they were making payments, and collection efforts will remain suspended for borrowers who are in default.

2020 Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)

This month, the Consumer Financial Protection Bureau published its Truth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages) Final Rule in the Federal Register. The CFPB is required to calculate the dollar amounts for several provisions in Regulation Z each year.¹ These include provisions in the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

CFPB Issues New HMDA Analysis of 2019 Data

The Consumer Financial Protection Bureau (CFPB) this week issued a new Home Mortgage Disclosure Act (HMDA) analysis of the 2019 HMDA Data. This data article is the second in a series and follows the first article  published in June.

New CFPB Guide for Intermediaries to Assist Non-Filers to Access their Economic Impact Payments

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released a guide to assist intermediaries in serving individuals to access their Economic Impact Payments (EIPs). The guide, Helping Consumers Claim the Economic Impact Payment: A guide for intermediary organizations provides step-by-step instructions for frontline staff 

Consumer Financial Protection Bureau Issues Analysis of HMDA Data Points

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (Bureau) issued a new Home Mortgage Disclosure Act (HMDA) analysis of the 2019 HMDA Data. This data article is the second in a series and follows the first article
published in June of this year.

Consumer Financial Protection Bureau Settles with Fourth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (Bureau) issued a consent order against PHLoans.com, Inc. (PHLoans), a California corporation that is licensed as a mortgage broker or lender in about 11 states. Until at least April 2019, PHLoans was known as Pacific Home Loans, Inc. PHLoans offers and provides mortgage loans guaranteed by the United States Department of Veterans Affairs (VA). PHLoans’s principal means of advertising VA-guaranteed loans is through direct-mail advertisements sent primarily to United States military servicemembers and veterans.

FTC Announces that its September Data Portability Workshop will be Held Online

The Federal Trade Commission announced that the September 22, 2020, workshop examining the potential benefits and challenges to consumers and competition raised by data portability will be held online.   The online workshop will bring together consumer advocates, industry representatives, economists, regulators, and other stakeholders for a wide-ranging public discussion on data portability, which is the ability for consumers to move data—such as emails, contacts, calendars, financial information, health information, favorites, friends, or content posted on social media—from one service to another or to themselves.

CFPB continues crackdown on VA lenders

The Consumer Financial Protection Bureau’s ongoing sweep of VA lenders has netted another business that allegedly deceived veterans. The CFPB has issued a consent order against PHLoans, a California-based mortgage broker licensed in 11 states. Until at least April 2019, PHLoans was known as Pacific Home Loans. The company provides VA mortgages, and its principal means of advertising is through direct mail, sent primarily to service members and veterans, the CFPB said.

GOP set to propose smaller coronavirus stimulus bill

The GOP is mulling a roughly $500 billion proposal that addresses only areas of bipartisan support: expanded unemployment insurance, a new authorization of small business loans, and money for schools and Covid-19 testing, treatment and vaccines. The plan would not include another direct payment to Americans.

Lending Tree: 64% of homebuyers are willing to go over budget for their dream home

A new survey by Lending Tree released Wednesday found that 64% of homebuyers are willing to go over budget to find their perfect house, compared to 25% who said they would not. The sentiment was most prevalent in millennials, with more than 3 out of 4 (76%) respondents ages 24 to 39 saying they’d stretch their budget to buy their dream home. It was also high in men, with 74% agreeing.

Community Banks Fared Better Than Large Ones During Second Quarter, FDIC Data Shows

In the banking industry, the smallest guys are finishing first. Overall, banks watched their net profits plummet 70 percent in the second quarter compared to the year-ago period, according to the Federal Deposit Insurance Corp.’s quarterly banking profile. But it’s a different story for community banks, which saw a small 3.2 percent increase from the same quarter last year.

US consumer confidence falls in August to lowest in 6 years

WASHINGTON -- U.S. consumer confidence fell for the second consecutive month, sinking to the lowest levels in more than six years as a resurgence of COVID-19 infections in many parts of the country heightened pessimism.

Mortgage lending will beat 2019 by $1 trillion, Fannie says

Mortgage lending this year likely will total $3.4 trillion, about $1 trillion higher than 2019, as low rates boost refinancings, Fannie Mae said in a forecast.   That would be the highest level of originations since 2003’s $3.8 trillion, according to data from the Mortgage Bankers Association. Fannie Mae’s forecast put refinancings at $2.1 trillion in 2020, compared with $1.1 trillion a year earlier, and lending for home purchases at $1.3 trillion, level with 2019.

Most Telemarketer Fees to Access the FTC’s National Do Not Call Registry to Increase in FY 2021

The Federal Trade Commission has announced FY 2021 fees for telemarketers accessing phone numbers on the National Do Not Call (DNC) Registry. Most of the annual fees will increase slightly from FY 2020, and are set forth in a proposed Federal Register notice.

California Assembly Advances Debt Collection Licensing Act with Amendments

The California Assembly Appropriations Committee ordered a second reading of the Debt Collection Licensing Act (SB 908)  after a 13-5 vote to not pass the bill as amended  on Aug. 20.

Federal agency delays surprise mortgage refinancing fee

After intense criticism about a new fee on homeowners who refinance their mortgages, the Federal Housing Finance Agency said it would delay the move for three months. The 0.5 percent fee on refinances now begins Dec. 1 rather than Sept. 1, the agency said today.

CFPB Launches Public Service Announcements to Reach Consumers Eligible for Compensation in Siringoringo Case

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today released a series of public service announcements targeting consumers who were harmed by Siringoringo Law Firm, Stephen Lyster Siringoringo, Clausen & Cobb Management Company, Inc., and Joshua Cobb. Eligible consumers include all consumers who paid the Siringoringo Law Firm fees from July 22, 2011 through July 26, 2013.

Experian hand over personal details in data breach

Dalily Maverick has revealed that credit bureau Experian handed over personal details of as many as 24-million consumers and nearly 800,000 businesses to a suspected fraudster. 

What you need to know about the payment pause for student loan borrowers

Most student loan borrowers don’t have to start making payments on their debt again until January 2021. With Republicans and Democrats locked in a stalemate on the details of another coronavirus stimulus package, President Donald Trump signed an executive order earlier this month that granted people with student debt another three-month break from their bills, during which interest will not accrue. There have been some questions over whether such a move is constitutional, but the U.S. Department of Education has now announced that it will fully implement the president’s memorandum.

Student loan refinancing rates drop to dramatic new lows

In an effort to ease some of the economic strain caused by the coronavirus pandemic, the Federal Reserve opted to slash interest rates to historic lows early in 2020. The decision to cut the Fed Funds Rate could have a direct impact on your bottom line if you owe private student loans. Student loan refinancing rates have dropped dramatically according to Credible, with rates on 10-year fixed-rate loans down 31% from their April 17 peak. Rates on variable rate loans are down 63% from their February 2018 high. If you have private student loans, refinancing now could help you save money and potentially lower your monthly payments.

Reverse Mortgage Complaints to CFPB Slow During Pandemic

The amount of consumer complaints to the Consumer Financial Protection Bureau (CFPB) related to the reverse mortgage product category have slowed since the beginning of the national emergency stemming from the COVID-19 coronavirus pandemic, RMD has learned. When averaged out to the amount of complaints received per month, the figure is lower than the typical monthly average seen over the past three years.

FTC Seeks Comment on Changes, Effectiveness of Five FCRA Rules

The Federal Trade Commission is seeking comment on proposed changes that would bring several rules implementing parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

Home sales surged 24.7% in July, with prices hitting an all-time high

Mortgage delinquencies of at least 90 days rise to highest level in 10 years

The number of serious mortgage delinquencies rose to a 10-year high in July, according to a report released Friday by financial data firm Black Knight. The number of homes with mortgage payments more than 90 days past due but not in foreclosure rose by 376,000 in July to a total of 2.25 million, according to Black Knight. Serious mortgage delinquencies are now at the highest level 10 years and have increased by 1.8 million since July 2019.

Federal Student Loan Payments Officially Suspended Until 2021

Federally held student loan payments have officially been suspended until at least 2021 due to the coronavirus pandemic. The payments on these loans were suspended by the CARES Act back in March, but this measure was set to expire at the end of September. Now, as the negotiation for other forms of financial relief drags on, this at least has been passed under President Donald Trump's executive order.

CFPB proposes a new category of qualified mortgages: Seasoned QM

The Consumer Financial Protection Bureau is proposing a new category of qualified mortgages called Seasoned QM, which would require loans to meet certain performance requirements over a 36-month seasoning period. The CFPB said they hope this new category will “encourage innovation and help ensure access to responsible, affordable mortgage credit.” In order to qualify as a Seasoned QM, loans would have to be first-lien, fixed rate transactions that comply with general restrictions on product features and points and fees and meet certain underwriting requirements.

More Than 6,500 Teachers Have Had Unfair Student Debts Erased

More than 6,500 current and former teachers have gotten a second chance to shed millions of dollars in unfair student debts, according to new data from the U.S. Department of Education. The educators had enrolled in the department's troubled TEACH Grant program, which provides grants to help aspiring teachers pay for college. In exchange, they agreed to teach a high-need subject for four years in a school that serves low-income families.

Colorado Attorney General’s Office settles lawsuit against lenders for exceeding state interest rate limits on consumer loans

Aug. 18, 2020 (DENVER, Colo.)—Attorney General Phil Weiser today announced that his office has reached a settlement in two precedent-setting lawsuits involving Colorado’s right to enforce its interest rate limits on consumer loans to protect residents from predatory lending practices.

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