A recent study found that a substantial portion of lenders reduced interest rates to avoid being subject to the CFPB regulation regarding high-cost mortgages.
Nearly two dozen Democratic senators urged the CFPB to immediately open an enforcement investigation into a servicer’s management of a student loan forgiveness program.
The CFPB nowadays is less active in addressing fair lending concerns via enforcement actions, particularly in cases relating to disparate impact. The bureau did not initiate or complete a single fair lending enforcement action from October 2018 to March 2019.
Lower courts have started to put on hold CFPB enforcement litigation, pending a final decision by the Supreme Court on whether the bureau’s single-director leadership structure is constitutional.
The U.S. Supreme Court agreed to review a case challenging the CFPB’s constitutionality. The court directed both parties to file briefs on a possible remedy.
Five industry groups have asked the CFPB to eliminate certain data points from the Home Mortgage Disclosure Act requirements. On the other hand, the NAHB is seeking reporting of more data fields.
The CFPB has extended the temporary coverage threshold for open-end lines of credit under HMDA by two years while it is considering increasing permanent thresholds for both closed- and open-end loans.
Democratic senators have asked Ombudsman Robert Cameron how he plans to deal with potential conflicts of interest tied to his previous employer, a federal student loan servicer.
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