The Federal Trade Commission, in an amicus brief supporting a CFPB appeal, said historical practice, Supreme Court precedent and congressional action affirm that the Equal Credit Opportunity Act expressly protects prospective credit applicants.
Movement Mortgage settles with DOJ; CFPB, other agencies issue RFI on medical debt; Senate Democrats want action on voice cloning; CFPB says most borrowers in forbearance in 2021 are current now; CFPB paying out to student loan borrowers who were charged illegal fees.
The CFPB’s latest regulatory agenda included a new larger-participant rule for consumer payments markets. The CFPB is also working on mortgage servicing reforms.
A pending initiative on personal data rights will entail CFPB rulemaking paired with private sector standard-setting activities, allowing market developments to guide the path toward “open banking.”
Republicans in the Senate and House pressed CFPB Director Rohit Chopra on his authority to issue informal guidance that they said created new obligations for regulated firms, as well as other issues.
There’s confusion and ambiguity in the bureau’s new rule requiring data collection and reporting for small-business lending. And the CFPB director isn’t budging on the implementation timeline.
The CFPB and five other federal agencies issued a joint proposed rule aiming to set quality control standards for the use of automated valuation models. Separately, regulators issued proposed guidance for reconsiderations of value.
The Supreme Court held that a Minnesota county violated the Constitution’s takings clause when it kept excess proceeds from a tax foreclosure sale after paying off the homeowner’s tax debt. The ruling has implications for mortgage servicers.