In a joint statement of interest filed in the District Court of Maryland, the two regulators said a lender relying on an appraisal that it knows, or should know, is discriminatory violates both the ECOA and the Federal Housing Act.
A CFPB review of the Home Mortgage Disclosure Act shows that reporting changes instituted by the 2015 HMDA rule increased compliance costs for companies.
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.
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.