Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments. 

Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes. 

The bureau alleged that the servicer misled consumers about CARES Act forbearance and misreported information to credit agencies. Carrington says the bureau is not living up to its promise to be “flexible” with servicers who meant well. 

The CFPB said romance and confidence schemes factor frequently in consumer complaints related to crypto assets. Hacks and platform and service failures are another major problem.

The bureau said tenant-screening reports often contain “wrong, misleading, or old” information and that renters have little recourse.

CFPB finalizes rule on risk-based supervision expansions; Gruenberg renominated as FDIC chairman; FTC safeguards rule deadline extended; Supreme Court considers agency administrative proceedings.

“With prepayments and delinquencies low, mortgage servicing has been the difference for many companies between profitable or not,” said Marina Walsh...

Only two of the top 10 banks reduced their MSR values in 3Q22: Wells Fargo and BofA...

In one court case, a subservicing vendor was accused of "unjust" enrichment...

The key question: What are retail branches actually worth in today's market?