A ruling against the CFPB could reshape the bureau’s funding structure and call into question every action taken by the consumer watchdog since its inception in 2011.
RMK Financial/Majestic Home Loans continued to use advertisements that led consumers to believe it was affiliated with the FHA or VA in violation of a 2015 consent order.
Appellate courts are rejecting older interpretations of the Fair Credit Reporting Act and Fair Debt Collection Practices Act, while the CFPB is pushing its own readings of them through guidance.
Across the 47 state assemblies in session, there are about 500 pieces of legislation under consideration that would directly impact mortgage servicers.
The bureau has opened for public feedback the Independent Community Bankers of America’s application for a trial program that would provide borrowers expanded disclosures for construction and construction-to-permanent loans.
The CFPB last month finalized, without changes, a procedural rule to update its Rules of Practice for Adjudication Proceedings. The bureau received four comments on the rulemaking.
The Appraisal Foundation plans to revise ethics rule draft; CashCall faces $169 million in restitution and fines; companies not reporting credit card payment data; public benefits programs subject to fees; CFPB, FTC seek input on tenant background checks; DOJ redlining settlement.
The Supreme Court justices met in private last week to consider whether to take a case involving the CFPB’s funding structure and other authorities. A decision on the case will have major ramifications for the agency.
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