The advice from attorneys at the law firm Venable centered around understanding enforcement entities’ motivations and circumstances for bringing the claims.

The bureau reminded lenders that the Equal Credit Opportunity Act prohibits lenders from discriminating against borrowers during the application process, as well as after they receive credit.

A new law will make it easier for Georgia mortgage lenders and brokers to hire former felons for work on out-of-state loans as long as the employee is located outside the state.

CFPB promotes consistent enforcement; memo on false FDIC claims; Florida appeals court rules on attorney’s fee collection letters; CFPB releases sample disclosures in Spanish; Treasury weighs in on loan status of earned wage access; CFPB announces finalizes enforcement action against debt relief firm; CFPB discusses older mobile home residents.

In two recent hearings, CFPB Director Rohit Chopra addressed concerns around the Section 1071 rulemaking, the bureau’s junk fees inquiry and other issues.

The proposed rule would greatly expand the assessment areas under CRA to include activities associated with online and mobile banking, branchless banking and hybrid models.

The bureau is invoking its largely unused authority to examine nonbanks when it believes they are engaging in risky conduct that could harm consumers.

The rejection rate on the total number of applications for conventional-conforming mortgages increased to 11.5% in 2021. (Includes data chart.)

The Mortgage Bankers Association said it has become aware of bureau examiners aggressively demanding privileged attorney-client information from nonbanks.

Mortgage originators appeared to have been lax in adhering to lending practices under Regulation Z, the latest CFPB supervisory highlights report reveals.