The action doesn’t come as a total surprise. Industry attorneys said the CFPB, even under a business-friendly GOP, has been itching to do so for several years.
It’s possible the validity and outcomes of pending lawsuits involving enforcement actions will be fact-based and vary case by case, according to attorneys tracking the issue.
It is no longer “unfair and abusive” for lenders to make short-term or longer-term balloon-payment loans without reasonably determining that consumers will have the ability to repay the loans.
The CFPB is investigating Rocket Homes, the home search platform and broker referral network of Quicken Loans, for violations of the Real Estate Settlement Procedures Act, according to a recent S-1 filing.
Consumer complaints filed with the CFPB hit a new record high in the second quarter as the coronavirus pandemic continued to impact consumers’ financial status, according to a new Inside the CFPB analysis. (Includes data chart.)
According to witnesses testifying at a House hearing, the CFPB appears to be offering regulatory leeway to mortgage servicers but doing little to protect consumers’ interests.
Democratic lawmakers believe the federal preemption asserted by the OCC will undercut state and local agencies’ efforts to protect homeowners from foreclosures.
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