The CFPB sued Chicago-based Townstone Financial in 2020, alleging that statements made on its radio show discouraged Black prospective applicants from applying for mortgage loans.
The appeals court, agreeing with a district court, tossed out a putative class action against Denver-based Specialized Loan Servicing, noting that the subservicer’s credit reporting was accurate and in compliance with fair lending laws.
The CFPB proposal includes lowering the safe-harbor late fees companies can charge consumers and seeks to eliminate automatic annual inflation adjustment of the safe harbor.
The Ninth Circuit Court of Appeals vacated and remanded a district court order that sided with the CFPB over mortgage payment company Nationwide Biweekly Administration.
CFPB Director Rohit Chopra reiterated his long-held argument that automation alone cannot remove bias from home appraisals. Others discussed actions to address appraisal bias.
The procedures, updated for the first time since 2016, now include a way for examiners to review loss-mitigation efforts for disparate impact. They integrate questions on issues covered in recent guidance that may constitute unfair, deceptive or abusive acts or practices.
The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal.
The CFPB and other regulators have been trying to prod financial institutions into treating non-English-speaking consumers with more parity to English speakers.
RSS