Policy & Regulation

Though bankers generally applauded the Consumer Financial Protection Bureau's final rule on mortgage disclosures, they are raising concerns that some of the changes need to be fixed or they'll have no choice but to assess higher fees at the closing.

"Payday lender Cash America International will pay up to $19 million to settle allegations that it robo-signed court documents, overcharged members of the military, and took steps to impede an examination by the Consumer Financial Protection Bureau," writes American Banker's Kevin Wack.

Cash America agrees to pay $19 million to settle charges that it illegally robo-signed documents, overcharged members of the military, and stymied a CFPB examination by destroying and withholding information.

Community groups are uniting to protest Regions Financial's (RF) short-term loan program, calling on the Birmingham, Ala., company to ditch its "Ready Advance" product.

In back-to-back hearings this week, lawmakers acknowledged the promise of virtual currencies like Bitcoin and the risks of overregulation along with the danger of abuse. Laws on the books may suffice to address the latter, for now.

Payday lender Cash America International will pay up to $19 million to settle allegations that it robo-signed court documents in collection lawsuits, overcharged members of the military and took steps to impede an examination by the Consumer Financial Protection Bureau.

Cash America will pay up to $19 million to settle allegations that it robo-signed documents, overcharged military borrowers and destroyed documents during a CFPB exam.

The Consumer Financial Protection Bureau on Wednesday unveiled an enforcement action against Cash America International for robo-signing and other violations. American Banker editors discuss what the action says about the future of the small-dollar loan market and the CFPB's future enforcement activities.

The Center for Plain Language has issued report cards for the Consumer Financial Protection Bureau, Small Business Administration, the Treasury Department and others for how well they adhere to a 2010 law urging clearer communication in government.

The CFPB is calling the two new mortgage forms "Know Before You Owe," an apt description since a hodge-podge of federal mortgage disclosures that the new forms will replace have long been considered duplicative and confusing.