In a preliminary determination, the CFPB said the Truth in Lending Act doesn’t preempt a New York law requiring lenders to provide commercial borrowers with financial disclosures similar to those provided to consumers. The agency said the laws cover distinct sectors.
State and federal regulations on assumable mortgages differ in some respects from those for new originations. And agency and investor guidelines have to be factored in too.
After the CFPB refused to exclude an interest-bearing crypto product from its investigation of Nexo Financial, the firm announced plans to leave the U.S.
In responses to the CFPB’s request for information on ways to streamline refis and make loss mitigation easier to access, industry groups expressed resistance to some new ideas floated by the bureau.
The CFPB’s annual financial report showed an uptick in staffing and expenses but a significant increase in the civil money penalties collected. Victim compensation flagged a bit. (Includes data chart.)
The bureau intends access to the “government portal” to allow cities and counties to be more responsive to consumers. But it also expects the data sharing will enable it to “force-multiply” enforcement efforts.
The servicer argued that the borrower hadn't returned the loan modification agreement in time. But the court said that detail was a matter of factual dispute.
Auto loans comprise approximately one-third of all non-mortgage debt. Yet most of the data on the market is aggregated, reducing the ability to spot competitive opportunities or potential risks.
The appeals court had temporarily dismissed class-action claims that PNC Bank made unauthorized withdrawals from a borrower's deposit accounts to cover payments on a home equity line of credit.
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