CFPB, Townstone to settle lawsuit; CFPB fines credit union for alleged system update failures; Meta under investigation by CFPB; Paypal Credit receives CID; NCUA plans fair lending hire; consumers support overdraft protections; open recommendations from the CFPB’s OIG; Capital One faces possible enforcement action.
More fair lending enforcement actions and investigations could come up over the next few months ahead of potential changes in the political landscape, according to Richard Horn, co-partner at the law firm of Garris Horn.
By the end of the decade, the embedded finance industry could be bringing in close to $400 billion in revenue each year, according to Seth Frotman, general counsel at the CFPB.
The CFPB is looking into whether it’s necessary to recertify a borrower’s ability to repay a rate-term mortgage refinance, Kevin Stevens, a senior manager at the bureau, said at a Mortgage Bankers Association conference held in Washington, DC, last week.