By Valerie L. Hletko and John P. Kromer
What acts and practices related to short-term, small-dollar
(minifinance) products and services are "abusive?" Until a clearer
definition emerges and the Consumer Financial Protection Board's examination
and enforcement agenda plays out, Valerie...
ALEXANDRIA, Va. - (Mealey's) Capital One Financial Corp.
has agreed to pay $12 million to settle a suit brought by the U.S. Department
of Justice alleging that it violated credit protections granted to U.S.
military members by the Servicemembers Civil Relief Act (SCRA) via improper
The Consumer Financial
Protection Bureau will begin a notice-and-comment rulemaking to reverse a
portion of the "ability to repay" regulations under the CARD Act. The
CFPB will begin formal rulemaking to allow card issuers to consider household
income and assets of an applicant.
On March 14, 2013, the CFPB announced
a proposed rule to supervise nonbank student loan servicers. Under the
proposed rule, the CFPB would have supervisory authority for loan servicers
with more than one million accounts - a move that would bring the seven largest
nonbank student loan servicers...