The preliminary injunction came after a challenge by the U.S. Chamber of Commerce, the American Bankers Association and other trade groups. The ruling could spell trouble for the Biden administration’s fight against so-called “junk fees” in the financial services industry.
Chime Financial to pay more than $4.5 million in redress and fees; Chopra pushes for further action from FSOC on nonbank servicers; financial associations are worried about the CFPB’s potential consumer complaint survey; CFPB takes another action involving student loan ABS; CFPB sues online lending platform.
New standards for nonbank mortgage servicers will go into effect in Iowa on July 1. While only a handful of states have adopted the CSBS model standards, substantially all large nonbank servicers are covered.
Temporary foreclosure delays instituted by the CFPB during the pandemic helped both borrowers and the economy, according to a new paper presented at a CFPB conference last week.
The loan officers are accused of defrauding banks and the nonbank lender they worked for by falsifying borrowers’ occupancy status on mortgage applications.