The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.

New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.

In memos to their staffs, acting Comptroller of the Currency Brian Brooks and Consumer Financial Protection Bureau Director Kathy Kraninger denounced the violence perpetrated by President Trump's supporters and said both agencies remain in operation.

Acting Comptroller of the Currency Brian Brooks pushed back on a recommendation from a task force — appointed by Consumer Financial Protection Bureau — suggesting that Congress should give the CFPB the authority to charter and regulate fintechs.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.

The Consumer Financial Protection Bureau is giving the credit card issuer and the fintech firm some regulatory latitude to develop specific new products.

The Consumer Financial Protection Bureau is headed for more disruption in the new year with a Democratic administration likely to reverse several GOP-backed policies. More aggressive relief for mortgage borrowers, a rollback of Trump-era rulemakings and yet another realignment of CFPB offices will all be on the table.

Underpinning the technology with mathematically sound models can make a better case to consumers and regulators for why a loan applicant was denied.

The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

The consumer bureau's revamp of criteria for "qualified mortgages," a special regulatory class of loans free from liability, emphasizes pricing instead of a borrower's debt-to-income ratio.

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

On the same day that Mr. Cooper announced a settlement with state and federal authorities over its servicing practices, the Dallas company, U.S. Bank and PNC reached separate agreements with DOJ regarding bankrupt borrowers.

The Consumer Financial Protection Bureau alleges that the online lender made loans that exceeded a federal cap on interest rates for active-duty service members.

The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish the advisory rulings in the Federal Register.

The president-elect has legal backing to fire Director Kathy Kraninger thanks to a recent court ruling, but Republicans are prepared to challenge his ability to choose her successor.

The teams include people who previously worked for the Treasury and the Federal Housing Finance Agency as well as HUD.

As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.