On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) announced what it heralded as a significant update to its Supervisory Appeals Process. The first of its kind since 2015, this revision introduced a seemingly more inclusive and flexible approach to how financial entities can contest supervisory findings. The appeals process is intended to promote
On March 31, 2023, the CFPB released its annual consumer complaints report. Although there was a significant increase in non-mortgage related complaints, the volume of mortgage-related complaints decreased compared to previous years. The CFPB contacted companies for review and response for approximately 23,600 (or 81%) of the 29,100 mortgage complaints they received in 2022.
The California Department of Financial Protection and Innovation (DFPI) recently issued a Notice of Modification to Proposed Regulations and published the newly modified proposed regulations to amend its student loan servicing regulations. Among other things, the modified regulations would expand the definition of “income share agreement,” impose additional rules related to responding to a borrower’s