The tally of enforcement actions by the regulator tied to deceptive VA mortgage advertisements reached seven this month, with more than $2 million in assessed penalties.
A Maryland court grants class action certification to mortgage borrowers against Bank of America for illegal kickbacks; Ninth Circuit allows Oakland, CA, to sue Wells Fargo for discriminatory lending practices.
The CFPB to host first Tech Sprint in October; agency task force on federal consumer financial law to hold listening session on Tuesday; the CFPB sues Encore Capital for violation of 2015 consent order.
The proposed seasoned QM category is designed to encourage non-QM lending with additional legal certainty. But the eligibility requirements will make banks, thrifts and credit unions the main beneficiaries, or so it appears.
Of late, the CFPB has brought four enforcement actions against VA lenders for using deceptive mailers to advertise their government-backed products, assessing steep penalties. Similar regulatory actions are likely to follow.
But the scope of the proposal amended in mid-August is much narrower than the original, exempting existing state licensees, including mortgage lenders and servicers, from the California Consumer Financial Protection Law.
In particular, industry groups like the idea that third parties, including trade associations, can submit advisory opinion requests on behalf of companies, but consumer groups have their doubts.
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