The CFPB has made it clear that it’s not buying income share agreement providers’ argument that their products are not loans and hence they don’t have to comply with consumer protection laws.
Reinstating a class action, Maryland’s Court of Appeals noted that the limitation placed on a lender from charging property inspection fees under the state’s usury law also applies to assignees of the mortgage.
The state regulator is taking notice of disparities in mortgage approvals and denials and terms of mortgage credit between same-sex and opposite-sex pairs.
Senate bill seeks to reward whistleblowers; CFPB examines complaints based on census tracts; new members appointed to CFPB advisory boards and councils.
More than 10 years after a mandate in the Dodd-Frank Act, the CFPB proposed data collection requirements for small business lending. The proposal could impact around 5,000 lenders.
Consumer advocates are largely pleased with the proposal while lenders sounded alarms. The CFPB acknowledged that the data collection will prompt significant costs.
The payment provisions under the payday lending rule will become effective June 13, 2022. Attorneys suggest lenders with products covered under the small dollar rule begin revising policies and procedures.
Wells Fargo’s problems with the CFPB are now in the rear-view mirror, but the megabank has considerable OCC exposure. For starters, it cannot buy mortgage servicing rights.
A recent coordinated action by the DOJ and OCC against an Atlanta-based mortgage lender for redlining practices appears to be a harbinger of things to come under the Biden administration.
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