Banking trade groups panned the rule as unnecessary and damaging to credit card issuers, especially smaller banks and credit unions. Michigan Democrat Rep. Rashida Tlaib has expressed “strong support” for the proposed rule.
The Appraisal Foundation updates appraisal standards; the CFPB will distribute $22 million among debt relief scam victims; CFPB Inspector General expresses opposition to legislation about his office.
Consumer complaints filed with the CFPB increased sharply in the first three months of 2023, driven by a jump in seven out of the nine complaint categories. (Includes two data charts.)
Rising interest rates made it a lot harder to qualify for a refi in 2022, according to a new analysis of HMDA data. The denial rate on applications for refis nearly doubled for certain loan products. (Includes data chart.)
The CFPB’s efforts to combat redlining include a new emphasis on discriminatory targeting. The regulator’s argument for the application of ECOA in instances of reverse redlining is being questioned.
The CFPB issued an advisory opinion last week reinforcing that the Fair Debt Collection Practices Act includes protections against collections on time-barred debt, including second liens originated prior to 2008.
A new study has found that the California Consumer Protection Act increased California mortgage interest rate spreads — especially for banks — and contracted the supply of credit to low-income areas.
The CFPB and three other federal agencies issued a statement highlighting concerns about bias in automated systems. The CFPB is particularly concerned about home valuations, lending and marketing.
New APOR calculations; regulators help with LIBOR transition; CFPB puts credit reporting agencies on alert; data breach involving former CFPB employee; lender settles with Arizona AG.
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