Chime Financial to pay more than $4.5 million in redress and fees; Chopra pushes for further action from FSOC on nonbank servicers; financial associations are worried about the CFPB’s potential consumer complaint survey; CFPB takes another action involving student loan ABS; CFPB sues online lending platform.

Although FHLB borrowing declined in the first quarter, with lenders continuing to reduce outstanding advances, profits for the system as a whole were up 9.6% from the fourth quarter and 16.6% year to date. (Includes three data tables.)

The Financial Stability Oversight Council last week endorsed FHFA’s years-long request for prudential regulatory authority over nonbank mortgage servicers.

Among the questions raised is should FHFA continue to focus on how much liquidity FHLBanks provide for housing and community development or are there other components to FHLBank operations that deserve more attention.

FHFA and the Mortgage Bankers Association have asked legislators to exempt Fannie Mae and Freddie Mac from new laws governing the use of automated underwriting systems and other artificial intelligence tools.

FHFA and its Office of Inspector General both missed the Bureau of Fiscal Service’s faulty calculation of the agency watchdog’s yearend payroll liability.

The Federal Housing Finance Agency last week joined the OCC, FDIC and NCUA in reproposing a rule that will prohibit incentive-based compensation agreements.

FHFA has appointed Luis Campudoni chief information officer and Mary Peterman as chief financial officer.

Some 13.8% of the total number of applications for conventional-conforming mortgages submitted last year were denied, compared to 14.3% in 2022. Denials for refinances jumped. (Includes data table.)

The Federal Reserve, FHFA, large banks and the GSEs are all struggling to model the future impact of climate change, both on their specific businesses and on the broader economy.