The CFPB, along with other federal and state regulators, will not criticize financial institutions for certain loan modifications offered to borrowers facing coronavirus-related economic hardships.
Mortgage lenders and servicers are facing compliance challenges due to a patchwork of coronavirus-related forbearance efforts at the federal, state and local levels, according to industry attorneys.
The full Fifth Circuit Court will review the constitutionality of the CFPB’s leadership structure, vacating a panel decision issued earlier in the month.
The Fourth Circuit Court dismissed a class action case concerning a co-marketing program under RESPA, noting the plaintiffs lack standing because they have not been overcharged.
The CFPB provides guidance for consumers to protect finances; Democratic senators introduce legislation to prohibit negative credit reporting; federal regulators encourage responsible small-dollar lending.
The Supreme Court justices hearing oral arguments in the CFPB constitutionality case appeared divided, which means any sweeping change to the consumer watchdog is unlikely, according to industry attorneys.
A panel in the Fifth Circuit Court ruled the CFPB’s leadership structure is constitutional. Interestingly, the circuit court last year said the structure of the FHFA — which is similar to the CFPB — is unconstitutional.
Senate Democrats during a hearing last week questioned CFPB Director Kathy Kraninger on the bureau’s plans to help out borrowers impacted by the coronavirus.
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