Arizona Attorney General Mark Brnovich recently announced two new participants in the state’s regulatory sandbox for fintech companies. On the federal level, the CFPB expects to do more to encourage financial innovation.
Santander Consumer USA, a Dallas-based subprime auto lender, agreed to pay nearly $12 million to settle allegations that it misled consumers about its add-on products to auto loans. This is the 10th enforcement action brought by the CFPB under Acting Director Mick Mulvaney.
CFPB advisory committee meets by conference call; the bureau issues a financial report for FY2018 that details employee numbers, funding transfer requests and enforcement actions; and other federal agencies propose a rule to raise the appraisal exemption for rural properties.
Initiating non-judicial foreclosure is not a debt collection activity under the Fair Debt Collection Practices Act, the CFPB argued in a recent court filing in the U.S. Supreme Court. The court decision could have significant impact on the mortgage industry.
Some enforcement actions against mortgage companies are expected in the future, which could further indicate CFPB’s enforcement strategy for the mortgage industry.
The CFPB under Acting Director Mick Mulvaney has initiated a number of civil investigative demands relating to mortgage servicing. Some new CIDs described the purpose of investigations more precisely than prior ones.
Mortgage lenders that rely on cutting-edge financial technology – or fintech – may be just as guilty as traditional face-to-face lenders of pricing discrimination, according to a new study by economists at the University of California at Berkeley. The researchers found that both traditional and online lenders charge Latino and African-American borrowers 6 to 9 basis points higher interest rates than their white counterparts for purchase-mortgage loans, and 1 to 3 bps more for refinancing ...
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