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Lenders Meh About Bill Reversing LLPA Changes

June 29, 2023
Dennis Hollier
It got 14 votes from House Democrats, but the Republican-sponsored Middle-Class Borrower Protection Act is unlikely to make it to the Senate.
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CFPB, Payments Vendor Settle Over Servicing Error

June 29, 2023
Sam Manas
ACI Worldwide accidentally charged Mr. Cooper customers for $2.3 billion in mortgage payments.
Read More

FHFA Faces Pushback on Fair Lending Proposal

June 29, 2023
Sam Manas
The Federal Housing Finance Agency’s proposal to codify its fair lending oversight of the GSEs is rife with redundancies, some say.
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Flood Insurance Legislation Introduced in the Senate

June 29, 2023
Monica Hogan
New Jersey and Louisiana senators are spearheading a new flood insurance reauthorization with a five-year life and premium caps.
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CFPB Plans to Bring Consumer Payments Firms Under Supervision

June 26, 2023
Sam Manas
The CFPB’s latest regulatory agenda included a new larger-participant rule for consumer payments markets. The CFPB is also working on mortgage servicing reforms.
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CFPB Close to Issuing Rule to Prompt Open Banking

June 26, 2023
Sam Manas
A pending initiative on personal data rights will entail CFPB rulemaking paired with private sector standard-setting activities, allowing market developments to guide the path toward “open banking.”
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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.
Read More
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