CFPB Director Rohit Chopra was accused of partisan regulatory management by Republican lawmakers during recent congressional hearings. But the bureau’s proposed personal financial data rights rule found praise.
The bureau had accused Bank of America of submitting false information related to collection and reporting of mortgage applicants’ race, ethnicity and gender under the Home Mortgage Disclosure Act.
Republican lawmakers in the House and Senate pushed CFPB Director Rohit Chopra to share more information on a data breach at the bureau earlier this year. Members of both parties also urged Chopra to engage more with state-level banking trade groups.
A new working paper found that racial disparities in applications for home equity loan, home equity lines of credit and cash-out refinances between 2018 and 2021 were significantly larger than those for purchases and rate-term refinances.
A district court recently held that the Real Estate Settlement Procedures Act’s treble damages provision applies only to the amount charged for title and settlement services due to illegal kickbacks.
The Richmond, VA-based bank has agreed to pay $6.2 million to settle charges that its employees failed to acquire consumers’ affirmative consent before enrolling them in an overdraft protection service.
Industry wants the CFPB to include an advanced notice of proposed rulemaking step in its Fair Credit Reporting Act rulemaking restricting the sale of consumer data by credit reporting companies.
Concerns over AI; the CFPB files comments on California DFPI’s proposed registration and examination of income-based advance providers; the CFPB ombudsman annual report; rulemaking on junk fees in Massachusetts; income share agreement provider settles with CFPB.
The Council of the Federal Home Loan Banks and the Federal Housing Finance Agency find themselves on opposite sides in a debate over the mission of the FHLBanks.
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