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Case Dismissed Due to CFPB’s ‘Egregious’ Conduct

June 26, 2023
Sam Manas
An appeals court affirmed dismissal of enforcement claims brought by the CFPB because the bureau repeatedly refused to follow court instructions to answer questions in depositions.
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Republicans Lambast CFPB for Data Breach Response

June 26, 2023
Sam Manas
During hearings this month, Republicans said a recent data breach at the CFPB resulted from poor cybersecurity practices. They also complained the agency took too long to inform Congress of the problem.
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Republicans Grill Chopra Over Procedure, Informal Guidance

June 26, 2023
Sam Manas
Republicans in the Senate and House pressed CFPB Director Rohit Chopra on his authority to issue informal guidance that they said created new obligations for regulated firms, as well as other issues.
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Some Uncertainty Persists on 1071 Reporting Coverage

June 26, 2023
Sam Manas
There’s confusion and ambiguity in the bureau’s new rule requiring data collection and reporting for small-business lending. And the CFPB director isn’t budging on the implementation timeline.
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NMLS Mortgage Business Reporting Requirements Too Broad

June 26, 2023
Sam Manas
Lenders are concerned the Nationwide Multistate Licensing System’s proposed modernized mortgage business-specific licensee requirements are overly burdensome and confusing, and could introduce regulatory risks for lenders.
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House Members Question Chopra’s Transparency

June 26, 2023
Sam Manas
Republicans tore into CFPB Director Rohit Chopra over his calendar, which the agency claims to publish monthly.
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Other News in Brief

June 26, 2023
Sam Manas
Utah court denies CFPB motion for judgment in credit repair trial; mortgage denials higher in Southern states.
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Maxex Raises Capital as Market Volatility Persists

June 26, 2023
James Dohnert
Maxex has a network of 350 bank and nonbank originators...
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House Passes Bill Reversing FHFA Changes to Pricing

June 23, 2023
Dennis Hollier
All House Republicans and 14 House Democrats voted to undo FHFA’s revision of GSE loan-level pricing adjustments. The bill would also require future changes to the grids to follow risk-based pricing.
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Industry Wants Voice in Condo Eligibility Rules

June 23, 2023
Dennis Hollier
New guidelines for GSE condo and co-op lending requirements should be subject to public comment, trade groups argue.
Read More
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