The Office of Inspector General for the CFPB in a new report revealed that the bureau inadvertently scheduled examinations of non-banks that were outside its supervisory jurisdiction, burdening the firms and wasting the agency’s resources.
The public release of the significantly expanded loan-level data reported by lenders has sparked fear among industry participants of increased scrutiny from regulators and public interest groups.
Consumer complaints filed with the CFPB continued on a downward path in the first quarter, according to a new analysis by Inside the CFPB. [Includes one data chart.]
State regulators are enhancing their scrutiny of financial firms, particularly with regard to debt collection and fair lending, given the perceived pullback from the CFPB, state officials and experts said while speaking at a conference hosted by the Consumer Bankers Association last week.
Trade Group Seeks LO Compensation Rule Change; MBA Releases New Paper on CFPB Reforms; CFPB Issues Annual Debt Collection Report; Trump’s 2020 Budget Puts CFPB Under Congressional Appropriations,
The Office of the Comptroller of the Currency last week fined Citibank $25 million for violating the Fair Housing Act by failing to offer preferential rates to some borrowers based on their race, color, national origin or sex.
The Mortgage Bankers Association, the Maryland Bankers Association and the Maryland Mortgage Bankers & Brokers Association are opposing proposed legislation in Maryland that would require a trust to be licensed as a debt collection agency to foreclose on a loan.
The CFPB in a recent court filing defended its constitutionality and said even if its structure is unconstitutional there is a better solution than invalidating the agency in entirety.
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