WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules that help struggling borrowers stay in their homes. In response to the CFPB’s findings, financial institutions refunded junk fees to borrowers and stopped their illegal practices.
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FTC Announces Rule Banning Noncompetes
Today, the Federal Trade Commission issued a final rule to promote competition by banning noncompetes nationwide, protecting the fundamental freedom of workers to change jobs, increasing innovation, and fostering new business formation.
Minnesota House Passes Key Provisions of Debt Fairness Act
On April 15, the Minnesota House of Representatives passed the Commerce Policy Omnibus bill, which includes key provisions of the Minnesota Debt Fairness Act. Minnesota AG Keith Ellison supports this bill and celebrated its passage.
CFPB Hits Back on Trade Groups Challenge to Small Business Lending Rule (Section 1071)
On April 12, 2024, the Consumer Financial Protection Bureau (CFPB) and its director Rohit Chopra asked U.S. District Judge Randy Crane to grant summary judgment and dispense with an industry-backed challenge to the requirement that small business lenders collect and report loan data.
Acceptable Performance – 50% of a Top Performer?
Consider this scenario: You hire a landscaper to mow your lawn for $100, but upon returning home, you realize the backyard has not been touched. Subsequently, you receive a bill for the full $100. How would you handle this situation? Now, let us parallel this with collection teams. Is it fair for a collector to only deliver 50% of what the best performer achieves and still be deemed as meeting expectations? It is common to observe collectors consistently falling short, sometimes delivering less than even 50% of the best performer’s results.
Payday lending rates are sky high, but not optimism for R.I. Senate to pass reform this year
Community advocates, voters and lawmakers have spent years trying to bring payday loan reform to Rhode Island. And every year, it fails, with legislative leaders unwilling or uninterested in advancing the proposals to their respective chambers for a vote.
Protect Yourself from Imposter Scams
The DFPI has recently updated its most popular consumer education booklet, Protect Yourself from Fraud. This highly valued consumer resource includes critical information on how to spot, prevent, and report financial fraud, with lots of useful tips, links, and resources. Coming soon in Spanish and other languages.
FTC Sends Refunds to Ring Customers Stemming from 2023 Settlement over Charges the Company Failed to Block Employees and Hackers from Accessing Consumer Videos
The Federal Trade Commission is sending refunds totaling more than $5.6 million to consumers as the result of a settlement with Ring over charges the company allowed employees and contractors to access consumers’ private videos and failed to implement security protections, enabling hackers to take control of consumers’ accounts, cameras, and videos.