A federal appeals court remanded the case to a district court to first determine which counts of a CFPB complaint against Ocwen are barred by the 2014 consent judgment between the two parties.
Trade associations for banks and nonbank lenders, as well as consumer advocates, pressed for much more regulation of the emerging buy now, pay later sector.
The “discussion draft” from Rep. Maxine Waters, D-CA, seeks to establish a federal valuation agency, which would take over The Appraisal Foundation’s role in setting valuation standards and appraiser criteria.
CFPB sanctions Edfinancial; proposed rule on human trafficking and credit reporting; CFPB could play a role in digital U.S. dollars; FDIC seeks comments on bank mergers; FDIC supervisory highlights; bill would broaden CFPB’s small business oversight; medical debt; OMWI report; payday loans.
The bureau announced changes to examiners’ procedures, saying it will now scrutinize all covered markets for discriminatory practices under the “unfairness” standards.
Industry stakeholders have raised concerns that the use of qualitative factors and examiner judgment in evaluation of CRA-related activities can lead to inconsistent interpretations of the law.
The DOJ is self-referring investigations and scrutinizing lenders’ HMDA loan application register data for redlining practices, according to industry attorneys.
In recent television appearances, the CFPB director was asked about a grab bag of issues, including auto lending, student loans, credit cards, cryptocurrencies and buy now, pay later products.
The request comes in the wake of a media report that, of all large lenders, Wells Fargo had the biggest disparity between Black and white homeowners in refinancing approval rates.
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