The Seventh Circuit held that lenders are not liable for how credit reporting agencies interpret information provided on an automated credit dispute verification form.
In recent amicus briefs, the bureau argued that statutes of limitations are subject to equitable tolling and a loan’s exposure to the Truth in Lending Act is not based solely on contractual language.
Consumer financial services trade groups offered their two cents to the CFPB on its April policy statement on abusive acts and practices, arguing the agency had failed to provide specific standards for abusive conduct. Further, they claimed, the current draft would create massive risks for financial institutions.
Complaints submitted to the CFPB regarding student loans declined in the first half of the year. Most complaints are focused on federal student loans, which were the subject of a recent Supreme Court ruling.
Attorney James Sandy of McGlinchey Stafford said that while there’s no legal definition of a junk fee, the CFPB has offered several examples, that can provide some lessons to financial institutions.
The $25 million settlement is the CFPB’s first enforcement action brought over information handling practices in processing mortgage payments. The settlement is tied to the Electronic Fund Transfer Act.
The bureau initiated 32 fair lending investigations in 2022. The most common issue leading to supervisory communication was related to mortgage origination underwriting policies and guidelines.
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