The agency opposed a request to expand an injunction on implementing its small business lending data collection rule to all covered institutions. Currently the stay applies only to American Bankers Association and Texas Bankers Association members.
The Bank Policy Institute and American Bankers Association have asked federal agencies to pause adoption of the Community Reinvestment Act final rule until proposed bank capital requirements are finalized and the Supreme Court decides on the CFPB’s funding mechanism.
According to Dan Smith, president and CEO of the Consumer Data Industry Association, the CFPB’s potential data broker rule could lead to companies exiting the data business.
The DOJ has settled redlining charges brought against American Bank of Oklahoma. HSBC Bank also disclosed recently that it’s under investigation by the Department of Housing and Urban Development for alleged redlining.
The bureau has accused South Carolina-based Heights Finance of targeting borrowers for their likelihood to refinance and using coercive practices to drive them into fee-laden refinancing cycles.
The firms, which include Lexington Law and CreditRepair.com, were accused of misrepresenting to consumers that an upfront fee was necessary to begin the credit repair process.
A New York court has rejected a motion to dismiss a CFPB lawsuit against a group of debt buyers for violations of the Consumer Financial Protection Act and the Fair Debt Collection Practices Act.
A recent supervisory highlights report detailed violations of the LO comp rule by some lenders who offered differing compensation for brokered versus in-house loans. Industry participants said it’s a novel interpretation of the LO comp rule. But the bureau disagreed with the reading.
The cost of compliance with upcoming changes to the Nationwide Multistate Licensing System’s mortgage call report may force smaller firms to combine operations or exit the lending business, the MBA warned.
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