A split among circuit courts prompted the Supreme Court to take up a case involving banks and mortgage escrow accounts. The dispute centers on federal preemption of state requirements for financial institutions to make interest payments on funds in mortgage escrow accounts.
In an interview with the Mortgage Bankers Association’s president and CEO, CFPB Director Rohit Chopra confirmed that changes to the agency’s mortgage servicing rules would come in 2024.
A Texas district court expanded its injunction against the CFPB’s small-business lending data collection requirements. Meanwhile, the Senate voted to overturn the rule though President Biden threatened a veto.
CFPB sends credit card report to Congress; bureau fines remittance provider; Ameris Bank settles redlining charges; NMLS issues new version of Mortgage Call Report.
The Supreme Court’s decision on the CFPB’s funding will decide not just the future of the agency and its regulations but will also hold implications for what kinds of appropriations Congress can author.
The bureau alleges Freedom Mortgage submitted 2020 Home Mortgage Disclosure Act data that was riddled with errors, demonstrating insufficient improvements after a 2019 consent order.
Lenders should pay attention to state location reporting requirements, emphasize documenting borrower communications and report changes in mortgage loan officer work locations, according to analysts.
In an advisory opinion, the bureau nudged large banks and credit unions to provide consumers with complete and accurate account information when requested, without “unreasonably impeding” the consumer’s access, including charging fees for requests.
CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.