An appeals court affirmed dismissal of enforcement claims brought by the CFPB because the bureau repeatedly refused to follow court instructions to answer questions in depositions.
During hearings this month, Republicans said a recent data breach at the CFPB resulted from poor cybersecurity practices. They also complained the agency took too long to inform Congress of the problem.
Republicans in the Senate and House pressed CFPB Director Rohit Chopra on his authority to issue informal guidance that they said created new obligations for regulated firms, as well as other issues.
There’s confusion and ambiguity in the bureau’s new rule requiring data collection and reporting for small-business lending. And the CFPB director isn’t budging on the implementation timeline.
Lenders are concerned the Nationwide Multistate Licensing System’s proposed modernized mortgage business-specific licensee requirements are overly burdensome and confusing, and could introduce regulatory risks for lenders.
The CFPB and five other federal agencies issued a joint proposed rule aiming to set quality control standards for the use of automated valuation models. Separately, regulators issued proposed guidance for reconsiderations of value.
The Supreme Court held that a Minnesota county violated the Constitution’s takings clause when it kept excess proceeds from a tax foreclosure sale after paying off the homeowner’s tax debt. The ruling has implications for mortgage servicers.
The CFPB stressed that any use of a chatbot in customer service roles should meet financial institutions’ legal obligations. The bureau also outlined a series of problems reported in consumer complaints.