MBA’s advocacy arm tells members to oppose Illinois CRA rule draft; CFPB fines small-dollar lender $15 million for consent order violation; CFPB reverses course on UDAAP examination manual changes.

In a new report, the Federal Reserve said nearly 60% of the compliance violations it observed at banks in 2022 were related to reporting under the Home Mortgage Disclosure Act.

In an Appraisal Subcommittee hearing this month, CFPB Director Rohit Chopra focused on the impact of appraisal management companies, including their market share and fees.

Members on the Federal Reserve and FDIC boards who opposed approving the revised Community Reinvestment Act standards said the new rule could put regulatory burdens on banks.

The CFPB proposed a rule seeking to supervise larger nonbank companies that offer services such as digital wallets and payment apps.

AFSA asks CFPB to withdraw guidance on powerbooking; White House issues executive order on artificial intelligence; CFPB takes action against Citi for discriminating against Armenian Americans.

After a solo effort by the OCC in 2020 that was eventually rescinded, federal banking regulators jointly approved changes to requirements under the Community Reinvestment Act. The standards have largely been untouched since 1995.

Consumer advocates are both happy with aspects of the final rule and frustrated that regulators didn’t go further. Trade groups representing banks also see the final rule as a mixed bag.

Section 1033 of the Dodd-Frank Act directed the CFPB to establish financial data-sharing rules. More than 13 years after the DFA was signed into law, the CFPB issued a proposed rule to carry out the 1033 mandate. The rule aims to facilitate open banking.

In an interview with the Mortgage Bankers Association’s president and CEO, CFPB Director Rohit Chopra confirmed that changes to the agency’s mortgage servicing rules would come in 2024.