The CFPB granted a no-action letter to Bank of America regarding its funding arrangement with HUD-certified housing counseling agencies. It marks the second no-action letter under the revised policy.
A Fed governor introduced the metric-based approach to reform the Community Reinvestment Act, which would assess mortgage lending to both low- and moderate-income borrowers and LMI communities.
The consumer watchdog sued two mortgage-related companies for allegedly selling credit reports they obtained under false pretenses to debt relief companies for their marketing purposes.
Important mortgage regulatory changes and robust examinations of financial institutions are on the consumer watchdog’s 2020 agenda, but all decisions are up in the air with the battle over the bureau’s constitutionality looming in court.
Mortgage industry groups have urged the Supreme Court to choose a narrow remedy approach if the CFPB’s leadership structure is found unconstitutional, in order to prevent market disruption.
Most briefs filed in the Seila Law v. CFPB case before the Supreme Court argue that the “for-cause” removal protection is not severable, and the court should invalidate the CFPB in its entirety or send the statute back to Congress.
Consumer complaints filed with the CFPB across major categories dropped in the fourth quarter, but it was a different story on an annual basis, according to a new analysis by Inside the CFPB. (Includes data chart.)
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