Mark McArdle, an assistant director of mortgage markets at the CFPB, provided updates on the regulator’s priorities in terms of mortgage lending at the MBA’s independent mortgage bankers conference. The top concerns are LO comp practices and fair lending.
CFPB proposes rule aimed at a fee rarely charged by banks; Connecticut regulator alleges unlicensed mortgage origination activity by LoanSnap; the CFPB and seven state AGs partner on a lawsuit against a debt-relief company; CFPB warns of scam targeting elderly.
The CFPB has a goal to close 65% of its enforcement investigations within two years of the start of an investigation. The agency has been nowhere near that goal in recent years.
Response Tree allegedly operated more than 50 websites that used deception and dark patterns to trick consumers into providing personal information that was sold to telemarketers.
The CFPB and nonbank mortgage lender Townstone Financial presented their arguments to the Seventh Circuit Court of Appeals. The arguments centered on whether ECOA applies to prospective applicants.
A coalition of state attorneys general filed letters to the CFPB and the Office of the Comptroller of the Currency noting that banks frequently refuse to cooperate with states’ enforcement investigations.
Researchers with the Federal Reserve Bank of New York found that banks with diverse stakeholders — groups like borrowers, depositors and employees — are more averse to inequality and have a higher propensity to approve mortgage applications for minority borrowers.
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