The third meeting this year between officials of the CFPB and the CMLA focused on the loan originator compensation rule. The trade group noted that bureau Director Kathy Kraninger is open to industry feedback.
A broker agreed to pay roughly $275,000 to settle allegations related to pension scams in a proposed consent order with the CFPB and the Arkansas State Attorney General.
The CFPB named a high-ranking official of a student loan servicer as the bureau’s private education loan ombudsman. The move has drawn criticism from consumer groups.
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.
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