Happy Mother's Day

Here is a highlight of the past week's activities.

From the CFPB:

Office of Servicemember Affairs Annual Report - This annual report from the Office of Servicemember Affairs highlights the activities of the office as well as complaints and emerging issues facing the military community in the financial marketplace. (Published May 6, 2021)

Consumer use of payday, auto title, and pawn loans: Insights from the Making Ends Meet Survey - A new analysis in our Making Ends Meet survey series looks at how consumers use payday, auto title, and pawn loans. (Published May 5, 2021)

Complaint Bulletin: Mortgage forbearance issues described in consumer complaints - The CFPB’s Office of Consumer Response hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of companies, and assists in addressing their complaints. This Complaint Bulletin analyzes mortgage forbearance issues described in consumer complaints. (Published May 4, 2021)

Characteristics of Mortgage Borrowers During the COVID-19 Pandemic - This third COVID-19 Special Issue Brief describes the characteristics of mortgage borrowers, including demographics, during the COVID-19 pandemic. The report focuses on borrowers with loans that are in forbearance or delinquent as reported through March 2021. (Published May 4, 2021)

Consumer Financial Protection Bureau and Federal Trade Commission Put Nation’s Largest Landlords on Notice About Tenants’ Pandemic Protections - The Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Kelly Slaughter sent notification letters to the nation’s largest apartment landlords, which collectively own more than 2 million units. (Published May 3, 2021)

On April 27, the CFPB delayed the mandatory compliance date to October 1, 2022 for the Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition.

From the FDIC:

The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet virtually on Thursday, May 13, with two panels of experts to discuss the topics of Expanding Inclusion through Technology and Innovation and Expanding Account Access via the FDIC Public Awareness Campaign #GetBanked, which was launched on April 5, 2021. The panel on Technology and Innovation will feature the new FDIC Chief Innovation Officer Sultan Meghji. The committee will also report on key challenges and opportunities for inclusion in their communities. 

From the SBA:

On May 4, the SBA notified lenders that the Paycheck Protection Program funding has been exhausted and that the PPP application portal stopped accepting applications for loan from most lenders.

From the FRB:

The Board published a report on debit card transactions in 2019, including information on volume and value, interchange fee revenue, certain issuer costs, and fraud losses. Key highlights include card usage; interchange fees, network fees, and incentives; fraud; and issuer costs.

From the FTC:

Smart home security and monitoring company Vivint Smart Homes Inc. has agreed to pay $20 million to settle Federal Trade Commission allegations that the Utah-based firm misused credit reports to help unqualified customers obtain financing for the company’s products and services.

Under the settlement, Vivint will pay a $15 million civil penalty and an additional $5 million to compensate injured consumers.

In a complaint filed by the Department of Justice on behalf of the FTC, the Commission alleged that Vivint violated the Fair Credit Reporting Act (FCRA) by improperly obtaining credit reports in order to qualify potential customers for financing for its smart home monitoring and security products. The FTC also alleged that Vivint violated the FTC’s Red Flags Rule by failing to implement an identity theft prevention program, which is required of certain companies that regularly use or obtain credit reports.
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