The proposed rule fails to provide a bright-line test for lenders and employers, an attorney with the Dorsey & Whitney law firm said.

Federal banking agencies reviewing regulations; CFPB countersues lease-to-own company; the bureau considers penalties against Equifax; lawsuit against CFPB credit card late fee rule to stay in Texas; lenders seek more time to comply with Section 1033 rule.

The proposal includes some aspects supported by both servicers and consumer advocates and some provisions that could see pushback from servicers.

In a major victory for the CFPB, the appeals court decision reverses a prior ruling by a district court, reinstating the ECOA lawsuit.

CFPB rules are likely to face challenges and the bureau may shift to using enforcement actions as a form of policymaking.

Only four proposed rules are on track to come from the CFPB by May 2025, according to the latest regulatory agenda.

The bureau found increasing instances of inaccurate reporting under the Home Mortgage Disclosure Act. Two lenders also faced fines recently.

Borrowers struggled to access the repayment assistance and loss mitigation they needed during the pandemic, according to the CFPB.

The bureau’s summer edition of Supervisory Highlights provided insight on exams involving auto loan servicing and student loan servicing.

The settlement resolves a new enforcement action against the bank for illegal auto loan activities as well as a 2020 lawsuit.