According to the CFPB, from 2014 to 2018, Seterus failed to handle and process homeowners’ applications for loss-mitigation options. The mortgage servicer was acquired from IBM by Mr. Cooper in 2019.

Industry groups and consumer advocates have asked the CFPB to provide guidance on how lenders can affirmatively advertise to disadvantaged groups while staying in compliance with fair lending laws and regulations.

So far this year, the CFPB has brought 44 enforcement actions, with five against debt collectors. The bureau is currently juggling 30 cases, one of the largest litigation dockets in its history.

The final rule outlines the steps collectors must take to inform borrowers about an existing debt and prohibits vendors from bringing legal action over time-barred claims. But neither industry nor consumer groups are happy.

In a review report, small entities asked the CFPB to draft simple regulations to implement small business lending data collection requirements to reduce compliance burden and expand credit access.

CFPB appoints former Freddie official to head Office of Innovation; CFPB cautions against reverse mortgage scams; mortgage servicers settle with DOJ; MMC examinations.

Consumer advocacy groups are hoping their recent lawsuits have set the stage for the Biden administration to overturn lax Trump-era rules.

Mr. Cooper will pay $91.3 million to settle with state regulators and the CFPB for violations of federal and state servicing rules, according to an agreement released this week.

Under the finalized policy, the CFPB issued two advisory opinions or “interpretive rules” regarding earned wage access programs and certain education loan products.

The CFPB said it will consider the Government Accountability Office’s recommendation, but rulemaking will involve joint efforts with other regulators. Meanwhile, institutions can themselves revise the model form on a trial basis.