Asset-size exemption thresholds altered; state AGs ask FHA to push servicers to implement COVID-19 loss-mitigation offerings; bureau survey results show some consumers’ finances improved during the pandemic; CFPB joins amicus brief in lawsuit over who counts as a credit “applicant.”
The latest CFPB supervisory highlights report found violations in mortgage servicers’ handling of forbearance under the CARES Act, which examiners said amount to unfair or deceptive acts or practices.
The CFPB needs to ensure its staff know when to issue a consumer compliance rating to nonbanks and the criteria for selecting the examination. Also, the bureau needs to expand its examination workforce.
State attorneys general could be leading the conversation on enforcement of consumer financial protection laws moving forward, according to compliance attorneys.
The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules.
The guidance will ease fears of over-stepping discrimination provisions for lenders interested in starting SPCPs, which various stakeholders believe hold promise in addressing racial homeownership gaps.
The CFPB has finalized a rule requiring open- and closed-end creditors to transition to a new index. The rule goes into effect on April 1 and provides examples of indices that are acceptable.
The usually discreet FDIC board has seen a procedural disagreement turn into news, with members of Congress weighing in. The argument is falling along partisan lines.
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