Payday lenders and arbitration supporters are claiming the CFPB has met more often with consumer groups than industry, laying the groundwork for likely lawsuits on key rules.
Zillow Group and the Consumer Financial Protection Bureau will attempt to negotiate a settlement to resolve an investigation into whether its co-marketing advertising for real estate and mortgage companies violates the Real Estate Settlement Procedures Act.
If CFPB Director Richard Cordray leaves ahead of his July 2018 term expiration, President Trump would be limited in who he could pick as an acting director and may face challenges in rolling back the rule banning mandatory arbitration clauses.
The financial services industry is at risk of being caught flat-footed if a legislative measure to rescind the Consumer Financial Protection Bureau’s rule regulating arbitration agreements fails to pass.
Staff for House Financial Services Committee Chairman Jeb Hensarling said CFPB Director Richard Cordray is continuing to ignore subpoenas tied to the agency's work on the arbitration rule.
Ocwen Financial Corp. recorded a $44.4 million net loss in the second quarter related to its court battles and other expenditures, including costs related to its exit from correspondent lending.
Democrats on the House and Senate banking committees are urging Republicans to hold hearings with Wells Fargo's top executives over its phony-accounts and force-placed insurance scandals.
Four Republican senators are seen as possible defectors on a vote to repeal the CFPB's arbitration rule, while another senator may be absent, which will make the GOP's job harder.
