Researchers with the Federal Reserve Bank of New York found that banks with diverse stakeholders — groups like borrowers, depositors and employees — are more averse to inequality and have a higher propensity to approve mortgage applications for minority borrowers.

The civil monetary penalty and consumer redress are tied to freezes on unemployment benefits accounts during the pandemic.

Republicans pressed the head of the CFPB’s Office of Innovation and Competition on the value of work done by the office.

Legislation introduced by Kentucky Republican Andy Barr would rein in the CFPB’s use of its unfair, deceptive and abusive acts or practices authority.

Illinois delays vote on CRA regulations; FCC closes lead generator loophole; Biden vetoes bill disapproving 1071; CFPB adjusts asset thresholds under HMDA, TILA; bureau issues report on overdraft fees; CFPB shutters medical debt collector.

The Mortgage Bankers Association wants the CFPB to retain the complete/incomplete application framework in its upcoming rulemaking that would modernize its mortgage servicing rules.

CFPB Director Rohit Chopra was accused of partisan regulatory management by Republican lawmakers during recent congressional hearings. But the bureau’s proposed personal financial data rights rule found praise.

The bureau had accused Bank of America of submitting false information related to collection and reporting of mortgage applicants’ race, ethnicity and gender under the Home Mortgage Disclosure Act.

Republican lawmakers in the House and Senate pushed CFPB Director Rohit Chopra to share more information on a data breach at the bureau earlier this year. Members of both parties also urged Chopra to engage more with state-level banking trade groups.

A new working paper found that racial disparities in applications for home equity loan, home equity lines of credit and cash-out refinances between 2018 and 2021 were significantly larger than those for purchases and rate-term refinances.