According to Dan Smith, president and CEO of the Consumer Data Industry Association, the CFPB’s potential data broker rule could lead to companies exiting the data business.
The DOJ has settled redlining charges brought against American Bank of Oklahoma. HSBC Bank also disclosed recently that it’s under investigation by the Department of Housing and Urban Development for alleged redlining.
The bureau has accused South Carolina-based Heights Finance of targeting borrowers for their likelihood to refinance and using coercive practices to drive them into fee-laden refinancing cycles.
The firms, which include Lexington Law and CreditRepair.com, were accused of misrepresenting to consumers that an upfront fee was necessary to begin the credit repair process.
A New York court has rejected a motion to dismiss a CFPB lawsuit against a group of debt buyers for violations of the Consumer Financial Protection Act and the Fair Debt Collection Practices Act.
A recent supervisory highlights report detailed violations of the LO comp rule by some lenders who offered differing compensation for brokered versus in-house loans. Industry participants said it’s a novel interpretation of the LO comp rule. But the bureau disagreed with the reading.
The settlement resolves charges that Freedom Mortgage provided real estate agents with cash payments, paid subscription services and catered parties in exchange for referrals.
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.
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