Most industry stakeholders suggested the CFPB push financial institutions to adopt data sharing through application programming interfaces instead of the practice of screen scraping.
The new California state regulator, modeled after the CFPB, fined Optima Advocates for falsely promising consumers it could get their student loans dismissed in exchange for a fee.
A Maryland trial court last month admitted its error in dismissing an anti-kickback lawsuit against Sierra Pacific Mortgage. The court will now reassess the plaintiffs’ claim under both RESPA and the RICO Act.
The proposed Fair Lending for All Act would require the CFPB to establish a fair lending testing office. It also aims to expand HMDA reporting requirements and strengthen the ECOA.
The agency has initiated an investigation into unauthorized funds transfers and the debt collection practices of Venmo, a mobile payment app controlled by PayPal.
The CFPB acting director promised aggressive action against companies that have failed to provide relief to consumers during the pandemic. He also plans to reverse his predecessor’s “relaxed approach.”
The pause could probably disrupt the implementation of the new qualified- mortgage standards, the final rule on escrow account exemptions and the recent clarification on the role of supervisory guidance.
The pandemic-related higher-level examination conducted by the CFPB found several instances of mortgage servicer deficiencies that raise the risk of consumer harm.
Consumer gripes related to mortgage applications more than doubled to 5,304 in 2020 from 2,588 in 2019. Complaints about loan closings were also sharply up at 43.8%. (Includes two data charts.)
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