Appellate courts are rejecting older interpretations of the Fair Credit Reporting Act and Fair Debt Collection Practices Act, while the CFPB is pushing its own readings of them through guidance.
Across the 47 state assemblies in session, there are about 500 pieces of legislation under consideration that would directly impact mortgage servicers.
The bureau has opened for public feedback the Independent Community Bankers of America’s application for a trial program that would provide borrowers expanded disclosures for construction and construction-to-permanent loans.
The CFPB last month finalized, without changes, a procedural rule to update its Rules of Practice for Adjudication Proceedings. The bureau received four comments on the rulemaking.
The Appraisal Foundation plans to revise ethics rule draft; CashCall faces $169 million in restitution and fines; companies not reporting credit card payment data; public benefits programs subject to fees; CFPB, FTC seek input on tenant background checks; DOJ redlining settlement.
The Supreme Court justices met in private last week to consider whether to take a case involving the CFPB’s funding structure and other authorities. A decision on the case will have major ramifications for the agency.
Records obtained by a law firm under the Freedom of Information Act reveal that the CFPB opened only 25 new enforcement investigations in fiscal year 2022, compared to 64 in the year before. The bureau, meanwhile, has made headway in hiring attorneys.
The bureau has clarified that the Real Estate Settlement Procedures Act prohibits digital mortgage comparison platforms from steering shoppers to lenders using “pay-to-play tactics.”
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