Since September 2022, the Federal Reserve has been in a deficit and has still continued to fund the CFPB, a problem for the legality of the bureau’s funding, according to Hal Scott, a Harvard Law professor.

High debt-to-income ratio remained the largest denial reason for purchase-mortgage applications in 2023, while credit history issues moved into the top spot for denials of refinances.

The CFPB plans to use its authority over credit card providers to apply to buy now, pay later providers. The move could face a legal challenge.

Credit reporting inaccuracies are having a major impact on low-income consumers who are trying to find housing, according to participants at a recent CFPB Consumer Advisory Board Meeting.

Low-income homeowners and older individuals are at an increased risk of losing their property to a tax foreclosure.

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.)