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Inside the CFPB

January 29, 2024

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CFPB Looking at LO Comp, Fair Lending Issues

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. Read More

Mortgage-Related Complaints Abate as Originations Ebb

Consumer complaints filed with the CFPB regarding mortgages dropped 2.4% in 2023 amid a 40.6% fall in originations. Servicers were the main target of borrower ire. (Includes two data tables.) Read More

CFPB Working Toward Issuing Servicing Proposal

The CFPB’s proposal on streamlining mortgage servicing standards will likely be issued this spring. The regulator is trying to balance loss-mitigation options and foreclosure protections. Read More

BofA Fined for Dragging Out Loss-Mitigation Proceedings

Even though Bank of America and the borrowers were successful in reaching a reinstatement, a report filed by the foreclosure mediator put the bank on the hook for acting in bad faith. Read More

CFPB Issues Polarizing Proposal on Overdraft Fees

Currently, banks charge an average of $35 for overdraft loans, raking in billions of dollars per year. The CFPB proposed a safe harbor for overdraft loans that would be as low as $3. Read More

Patriot Bank Agrees to $1.9M Settlement Over Redlining

The settlement addresses charges that the Memphis, TN-based bank engaged in mortgage lending discrimination in majority-Black and Hispanic neighborhoods. Read More

CFPB Regulations at Risk in Supreme Court Case

The Supreme Court appears poised to overturn the legal theory of “Chevron deference.” If it does, what the court chooses to replace the standard with will have an impact on the CFPB going forward. Read More

Other News in Brief

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. Read More

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