Banking trade groups and consumer advocates had a second opportunity to share their opinions with the CFPB on “big tech” payment systems. Their take: The payments platforms pose a lot of consumer risk and need to be regulated.
The CFPB wants to track agency and court orders against nonbanks across all levels of government. One attorney said such a registry would add a substantial compliance burden, especially for smaller companies, and demonstrates a cynical view of financial institutions.
The CFPB said in a blog post that it won’t initiate enforcement actions for failure to report closed-end mortgage loan data collected in 2020, 2021 or 2022 for institutions that are once again subject to Home Mortgage Disclosure Act reporting requirements.
In a preliminary determination, the CFPB said the Truth in Lending Act doesn’t preempt a New York law requiring lenders to provide commercial borrowers with financial disclosures similar to those provided to consumers. The agency said the laws cover distinct sectors.
State and federal regulations on assumable mortgages differ in some respects from those for new originations. And agency and investor guidelines have to be factored in too.
After the CFPB refused to exclude an interest-bearing crypto product from its investigation of Nexo Financial, the firm announced plans to leave the U.S.
The state of Florida is setting up a reinsurance fund to stabilize a property insurance system plagued with disaster-related insolvencies and years of underwriting losses.
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