Zillow launches new AI tool; CFPB sues another student loan provider; CFPB credit card lawsuit hits another bump; CFPB director to meet with Congress.

The Mortgage Bankers Association said a constitutional loss would have invalidated the bureau’s previous rules and caused severe consequences for single-family and multifamily mortgage markets.

The 7-2 court opinion, delivered by Justice Clarence Thomas, affirmed the constitutionality of the CFPB’s funding structure. The court dismissed arguments that the funding mechanism lacks a time limit and a spending cap.

The Supreme Court ruling in favor of the CFPB means lawsuits against the bureau will now focus on specific issues. It also paves the way for implementation of various pending rules.

According to a new analysis of HMDA data, refi denial rates spiked in 2023 while denials on purchase mortgages held steady. (Includes data table.)

Judge Donald Middlebrooks dismissed all four of the lender’s arguments against a 2023 CFPB lawsuit, moving the trial forward to July.

The preliminary injunction came after a challenge by the U.S. Chamber of Commerce, the American Bankers Association and other trade groups. The ruling could spell trouble for the Biden administration’s fight against so-called “junk fees” in the financial services industry.

Rocket and the loan originator denied all housing discrimination allegations but entered into the agreement with HUD to obtain closure.

Chime Financial to pay more than $4.5 million in redress and fees; Chopra pushes for further action from FSOC on nonbank servicers; financial associations are worried about the CFPB’s potential consumer complaint survey; CFPB takes another action involving student loan ABS; CFPB sues online lending platform.

The CFPB’s latest push on mortgage servicing fees could be the start of more to come, according to industry attorneys.