In opening briefs before the Supreme Court, a California law firm and the CFPB argued the bureau’s structure is unconstitutional, but took opposing positions on how to remedy the situation.
Draft amendments to the CFPB’s remittance transfer rule; former CFPB Director Richard Cordray’s new book; PayPal sues CFPB; concerns raised over compliance with HMDA reporting requirements; CFPB initiated 133 “supervisory events” in fiscal 2019.
New York imposes additional requirements for lenders offering reverse mortgages under the HECM program, while a new California law will impact how firms collect and maintain consumer information.
The Supreme Court will hear only one challenge to the CFPB’s constitutionality in its current term. Two other circuit court cases on the issue are on hold.
Some mortgage servicers do not have sufficient guidance in place to respond to credit reporting disputes and other accuracy issues, according to a special edition of a supervisory highlights report.
The CFPB plans to assess the costs and benefits of the integrated mortgage disclosure rule, inviting stakeholders and the public at-large to comment. Assessment results will be released by October 2020.
The CFPB's assessment of the TRID rule does not mean the bureau is planning to eliminate or even modify the rule, according to attorneys watching the action.
The CFPB’s latest financial report for fiscal year 2019 reveals a cut in the agency's workforce, lower funding levels and a slower enforcement process.
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