Kate Berry has covered the Consumer Financial Protection Bureau for American Banker since 2016. She joined the publication in 2006 covering mortgage lending and the financial crisis. Berry also has covered big banks including Bank of America, J.P. Morgan Chase and Wells Fargo. She has won five awards from the Society of American Business Writers and Editors, and has worked at several news organizations including the Orange County Register, the Los Angeles Business Journal and the Associated Press. Berry began her career as a clerk at the New York Times.
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Fintech companies with narrow-purpose banking charters pose a safety-and-soundness risk and should be denied access to the payment system and other perks unless they meet the same strict regulatory criteria as traditional financial institutions, trade groups for banks and credit unions told the Federal Reserve.
July 12 -
The number of grievances about evictions and federal student loans declined between January 2020 and May 2021. Nonetheless, the Consumer Financial Protection Bureau warned financial firms that poor customer service can undermine government efforts to provide aid.
July 2 -
Six online lenders and the National Community Reinvestment Coalition have asked the Consumer Financial Protection Bureau for clarity on whether disparate-impact rules apply to lending decisions made by machines.
June 29 -
Rohit Chopra, who was the Consumer Financial Protection Bureau's first student loan ombudsman, is expected to crack down on unfair debt collection and other practices once he is confirmed by the Senate to lead the bureau. Observers predict he'll work closely with former CFPB Director Richard Cordray, who now oversees the Education Department’s $1.7 trillion portfolio of federal student loans.
June 29 -
The Consumer Financial Protection Bureau issued a temporary final rule that allows mortgage servicers to initiate foreclosures on abandoned properties and certain delinquent borrowers, but it also outlined additional measures that shield distressed homeowners.
June 28 -
Ginnie Mae is allowing lenders to securitize modified home loans with this extended term as the Biden administration works to make more housing options available for struggling borrowers.
June 25 -
President Biden has informed the Senate he wants Uejio, the acting head of the Consumer Financial Protection Bureau, to be an assistant secretary at the Department of Housing and Urban Development.
June 24 -
With the Colonial Pipeline attack still in the news, bank CEOs testifying at a recent hearing cited cyber risk as the biggest threat facing the industry. But members of Congress did not share those concerns, and instead were more focused on criticizing banks about overdraft fees and their level of investment in minority communities.
June 11 -
For two decades, Alfred Pollard served as the general counsel for Fannie Mae and Freddie Mac’s regulator. He had a front-row seat for the establishment of the Federal Housing Finance Agency, the government’s subsequent seizure of the mortgage giants amid mounting losses in 2008 and the more recent legal dispute over the FHFA’s authority.
June 7 -
Manny Alvarez, the head of California’s Department of Financial Protection and Innovation, told staff that he plans to leave on June 18. Chief Deputy Commissioner Chris Shultz will be appointed to lead the agency on an interim basis.
June 4 -
The departures of Bryan Schneider and Peggy Twohig come as the Biden administration's nominee to run the consumer bureau awaits Senate confirmation.
June 3 -
With Rohit Chopra’s nomination now in its fourth month, some of the consumer bureau's rulemaking efforts remain on hold. Experts say Democrats first want the Senate to confirm a new member of the Federal Trade Commission to replace Chopra so that Republicans don't gain control.
May 28 -
The heads of the six largest banks endured a second day of testimony as House members quizzed them on overdraft fees, investments in minority businesses and other issues. Meanwhile, the executives pushed back on Democrats’ proposal to raise the corporate tax rate.
May 27 -
The Department of Financial Protection and Innovation has tapped Christina Tetreault as the head of the newly created Office of Financial Technology and Innovation.
May 17 -
DMB Financial, a debt-settlement firm near Boston that operates in 24 states, agreed to pay $5.4 million in restitution to consumers for allegedly charging upfront fees before providing any service, the CFPB said.
May 17 -
Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.
May 17 -
A proposal still in the early stages to have banks report on customers’ account activity to help the government nab tax evaders is being panned by the industry as overly burdensome and a privacy threat.
May 17 -
Collectors are mulling a procedural overhaul after a three-judge panel said the practice of using vendors to inform consumers about outstanding debts is illegal. The case may also complicate the CFPB's upcoming rule on electronic messaging.
May 11 -
Fannie and Freddie's regulator says the companies must comply with the new Qualified Mortgage standard by the summer, while the Consumer Financial Protection Bureau has extended the deadline to 2022. The conflicting timetables have stoked uncertainty in the market.
May 7 -
Many of the 15 executives selected for our Most Powerful Women in Banking: Next list are in roles that took on outsize importance in a year punctuated by a global pandemic, economic free fall and widespread protests over police brutality and racial inequality.
May 6
