The two agencies will collaborate in strategy planning sessions to identify and address areas of alignment and coordination in examinations for covered institutions.
The CFPB selects seven communities for its “Start Small, Save Up” initiative; New financial educational guide released to help servicemembers and their families.
Consumer complaints across all categories sharply increased from the third to the fourth quarter of 2020. On an annual basis, gripes jumped 47.3%. Credit reports drew the most grievances while mortgage-related issues saw a relatively modest increase. (Includes data chart.)
The Ninth Circuit Court of Appeals ruled in favor of the CFPB, concluding that the 2017 civil investigative demand issued to Seila Law was validly ratified by Director Kathy Kraninger in July 2020.
The Hartford, CT-based firm is accused of using unlicensed employees to engage in mortgage origination activities in violation of the Truth in Lending Act. The bureau is seeking injunctions against the defendants, as well as damages, redress and penalties.
Criticism continues to mount on the Conference of State Bank Supervisors’ proposed prudential standards for nonbank servicers. The Community Home Lenders Association urged that smaller servicers be exempted from the rules.
In anticipation of a resolution, Ocwen Financial increased its legal and regulatory accrual related to the CFPB matter by $13.1 million in the fourth quarter of 2020.
The CFPB issues new guidance on serving consumers with limited English proficiency; the filing period for Home Mortgage Disclosure Act data collected in 2020 opened Jan. 1; the latest pandemic-related stimulus package pro-vides $25 billion for emergency rental assistance and extends the national eviction moratorium until Jan. 31.
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