The cost of compliance with upcoming changes to the Nationwide Multistate Licensing System’s mortgage call report may force smaller firms to combine operations or exit the lending business, the MBA warned.
A New York state court has stayed proceedings in an enforcement action brought by the CFPB against a subprime indirect auto finance firm, pending the Supreme Court’s decision in the bureau’s funding case.
Credit union and community bank trade groups have joined a lawsuit in a Texas district court, seeking a nationwide injunction against implementation of the CFPB’s small business lending data collection rule.
The Seventh Circuit ruled that harms suffered by Cook County, IL, as a result of BofA’s lending practices were not proximate enough to the alleged injurious behavior to count as violations of the Fair Housing Act.
The bureau wants to recategorize brokers selling certain types of consumer data as “consumer reporting agencies” and restrict the extent to which “credit header data” can be released.
Consumer complaints filed with the CFPB regarding credit reporting were sharply up in the six months ending June from a year ago. Criticisms about mortgages and student loans saw declines. (Includes two data charts.)
An analyst at J.D. Power said servicers must proactively communicate with borrowers and offer digital channels through which consumers can easily find solutions to their problems.
The CFPB said several nonbanks that have come under its oversight following a procedural rule issued in November 2022 are cooperating with the agency to iron out compliance problems before it’s too late.
The temporary injunction halting the implementation of the Section 1071 final rule applies only to members of the American Bankers Association and the Texas Bankers Association.
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