A maneuver involving Rohit Chopra and the Federal Deposit Insurance Corp. board in December 2021 was allowable under FDIC bylaws, according to an opinion published by the DOJ’s Office of Legal Counsel.

The CFPB found that rural Appalachians have higher cost of credit, higher mortgage application denial rates and more reliance on loans for manufactured housing that are often of a higher cost.

CFPB taps Civil Penalty Fund for victim relief; bureau warns of phone imposter scam; Georgia tweaks license laws; R.I. allows remote work; OCC reduces bank assessment rates.

Chuck Cross of the Conference of State Bank Supervisors said the new eligibility standards jointly issued by the Federal Housing Finance Agency and Ginnie Mae for nonbank mortgage companies could spur updates to harmonize model standards for states.

Banking trade groups contend that the Fair Credit Reporting Act shouldn’t be read to hold credit reporting agencies responsible for incorrect information if the data comes directly from a furnisher.

William Kidwell, a Colorado-based mortgage originator, wants the CFPB to change six rules that he believes are stacked against smaller brokerage shops.

Banking trade groups believe the bureau’s plan to regulate customer service practices is an overreach and could drive consumer distrust in safe and sound financial institutions.

The CFPB is seeking feedback on its plan to revamp the process through which it collects information from credit card issuers on their products.

An appeals court recently held that if an agreement’s provisions delegate all disputes to an arbitrator, then claims under the Dodd-Frank Act over the agreement’s enforceability should not be considered by that arbitrator.

The legislation would have allowed for foreclosed property auctions only after trustees carried out an equity sale on the property.