The appeals court found that an injunction against a former loan officer meant to enforce restrictive covenants was too vague, overbroad and improperly granted.
SEC administrative adjudications found unconstitutional; NCRC settles with Movement Mortgage; CFPB and New York attorney general settle case against debt collectors.
The rule affirms the terms under which state attorneys general can pursue claims under the Consumer Financial Protection Act, reflecting the bureau director’s desire to collaborate more closely with state authorities.
Attorneys believe the bureau categorizing some enforcement cases as fair lending-related, even without violations of the Equal Credit Opportunity Act, suggests a shift in its approach on the issue.
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.
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.
Industry trade groups believe the request for information is unwarranted as fees on consumer financial products and services are already backed by adequate disclosure requirements.
The CFPB plans to launch dedicated units within its supervision and enforcement division to enhance detection of repeat offenders and to better hold them accountable.