LendUp Loans agreed to a $100,000 settlement to resolve charges of repeated violations of fair lending laws. Two previous actions against the company yielded nearly $5 million in penalties and redress.
The National Consumer Law Center requested the CFPB institute rules that would help spread the word about the rental assistance program and protect consumers from negative consequences while they waited for relief funds.
Asset-size exemption thresholds altered; state AGs ask FHA to push servicers to implement COVID-19 loss-mitigation offerings; bureau survey results show some consumers’ finances improved during the pandemic; CFPB joins amicus brief in lawsuit over who counts as a credit “applicant.”
The latest CFPB supervisory highlights report found violations in mortgage servicers’ handling of forbearance under the CARES Act, which examiners said amount to unfair or deceptive acts or practices.
The CFPB needs to ensure its staff know when to issue a consumer compliance rating to nonbanks and the criteria for selecting the examination. Also, the bureau needs to expand its examination workforce.
State attorneys general could be leading the conversation on enforcement of consumer financial protection laws moving forward, according to compliance attorneys.
The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules.
RSS