The bureau repealed some amendments over concerns that the process for deciding dispositive motions concentrated authority with the director of the bureau.
CFPB ends TransUnion’s consent order early; federal court pauses compliance with Section 1033 rule; CSBS releases latest version of the Mortgage Call Report; MISMO is accepting comments on the Mortgage Compliance Dataset Version 2.0; court declines to pause CFPB’s PACE financing rulemaking.
The Trump administration argued that a majority panel of the court correctly concluded the National Treasury Employees Union cannot bring an Administrative Procedure Act claim challenging an “entirely nonbinding” purported decision to close the CFPB.
Contrary to the Trump administration’s statements in court, CFPB Acting Director Russell Vought said the bureau will be shut down within the next two to three months.
The Mortgage Bankers Association is concerned that New York’s Community Reinvestment Act plans will place restrictive limits on CRA credit for purchased loans.
While trade groups representing banks are seeking a major overhaul of the current rule, fintechs said the rule preserves the principle that financial data belongs to consumers and not banks.
The trade groups want the Supreme Court to intervene and correct a lower court’s ruling that creates uncertainty regarding Fair Housing Act liability in the mortgage industry.
The financial technology company was accused of overcharging servicemembers and their dependents, and refusing to allow customers to exit its membership programs and stop paying monthly fees.