The bureau is considering raising the bar for triggering oversight of nonbanks in consumer reporting, consumer debt collection, automobile lending and international money transfers.
The settlement is tied to practices Cypress engaged in while operating as a direct mortgage servicer under the name Rushmore. Cypress has since rebranded as a master loan servicer.
The GAO alleged that the CFPB acting director’s decision not to request full funds available from the Federal Reserve constituted an illegal withholding under the Impoundment Control Act.
The Bank Policy Institute and others stressed that industry participants shouldn’t have to comply with a rule given that the CFPB plans to substantially revise it.
The trade group said the Appraisal Modernization Act would limit lenders’ ability to help consumers during changing market conditions and create legal and operational issues for mortgage lenders.
Amid litigation and disagreements among industry participants over the Section 1033 open banking rule, the CFPB said it will soon issue a revised version of the rule.
The court found that ESSA Bank & Trust hasn’t substantially complied with the DOJ’s 2023 consent decree, contrary to assertions by the Trump administration.
The trade group said aligning data elements of two mortgage forms would give state regulators more access to information for monitoring company performance, conducting exams and identifying emerging risks.
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