Mortgage trade groups requested changes to proposed requirements for mortgage business licensing applications in a Nationwide Multistate Licensing System modernization proposal.
Banking industry trade groups said a CFPB research proposal on consumer choices related to “junk fees” doesn’t meet legal requirements. They are asking the Office of Information and Regulatory Affairs to reject the proposal.
Citizens Bank reaches $9 million settlement over credit card violations; American Bankers Association joins Texas lawsuit challenging Section 1071 Rule; House Democrats request briefing on 1071 rule.
Issues tied to a borrower’s debt-to-income ratio continued to remain the main reason behind both purchase mortgage and refinance denials in 2022, according to HMDA data. (Includes data chart.)
If the talks fall through, the Virginia-based bank could face charges related to imposing overdraft fees on transactions that didn’t actually cause an overdraw on customer accounts.
For the third time, a judge held that the CFPB’s claims against Ocwen Financial over alleged servicing-related violations of federal law, are barred by a 2014 consent order between the bureau and the servicer.
Banks unilaterally reopening a consumer’s deposit account to process transactions could be in violation of the Consumer Financial Protection Act, the CFPB has warned.
The proposed rule would require assessments of borrowers’ ability to repay and apply the Truth in Lending Act’s civil liability provision for violations.
Banking trade groups panned the rule as unnecessary and damaging to credit card issuers, especially smaller banks and credit unions. Michigan Democrat Rep. Rashida Tlaib has expressed “strong support” for the proposed rule.
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