Rohit Chopra’s confirmation as CFPB director prompted a surge of statements from industry stakeholders. The sentiments include requests for action and compliments.
Consumers self-identifying as older Americans filed 1,987 gripes related to mortgages in the first half of 2021, a sharp increase from the same period last year. Conventional mortgages made up most of the complaints.
A lawsuit filed by Oakland, CA, in 2015, alleging that discriminatory lending by Wells Fargo eventually prompted a decrease in property tax collections, was ultimately decided in favor of the lender.
The federal regulator will continue to take a close look at mortgage servicers’ actions as a wave of distressed borrowers nears the end of their pandemic-related forbearance programs.
Rohit Chopra was nominated in February to serve as the CFPB’s director. However, a final vote on his appointment has been delayed in the Senate for several months due to concerns about the leadership of the Federal Trade Commission, where Chopra is currently a member.