As a leader of consumer protections at the state level, New York recently enacted legislation to prevent mortgage scams and impose additional obligations on mortgage servicers.
The Federal Deposit Insurance Corp. voted unanimously to approve a rule that would expand the universe of non-agency mortgages that don’t require an appraisal. Consumer groups are angry that CFPB supports it.
The Seventh Circuit Court recently ruled that emails containing only hyperlinks do not qualify as “communication” under the Fair Debt Collection Practices Act, which may have ramifications for the CFPB’s debt collection proposal.
Buyers of mortgage servicing rights should be held responsible for violations that occur after the transfer, even if certain obligations were subcontracted out, the CFPB said in a recent court filing.
The CFPB’s review of a fintech company’s lending practice shows that using alternative data could expand credit access and at the same time allow lenders to remain compliant with fair lending laws.
A dozen Republican state attorneys general asked the Supreme Court to review the challenge to the CFPB’s structure, stating their belief the bureau directorship is unconstitutional.
Democratic lawmakers have called for the removal of Eric Blankenstein, currently a HUD official, after it was found that he likely abused his authority at the CFPB in dealing with a controversy tied to his racially-charged writings of the past.
The CFPB issued a new set of frequently asked questions on whether lenders should provide loan estimates in particular cases under the integrated mortgage disclosure rule.
The CFPB has extended the comment period for its debt-collection proposal by 30 days and has reopened the comment period for its HMDA threshold proposal until October.
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