In an amended complaint, consumer groups argued that the CFPB failed to consult with the appropriate prudential regulators prior to issuing its ECOA rulemaking process.

Industry experts said the mortgage industry is using AI for compliance efforts such as flagging fraud, asset reverification or ensuring operational controls are in place.

Rise Economy, a California-based nonprofit, has threatened to take legal action to block the OCC and FDIC proposal to revise Community Reinvestment Act requirements.

The draft CFPB Reform Act, which is backed by CFPB Acting Director Russell Vought and House Republicans, seeks to bring the agency under the appropriations process, among other reforms.

The bureau has called for feedback regarding the TILA-RESPA Integrated Disclosure rule, issues involving reverse mortgages and fee disclosure tolerance thresholds.

The CFPB is planning a number of rulemaking activities across financial sectors. Many of the actions aim to reduce regulatory burdens.

If enacted, the Fair Credit Reporting Reseller Accuracy Act would ensure that credit report resellers report data to the “maximum accuracy possible.” The bill has bipartisan support.

The regulation goes beyond subjecting traditional buy now, pay later lenders to underwriting requirements.

New technologies and poor data management have caused an increase in legal challenges for mortgage originators.

The bureau said the guidance conflicted with the amended ECOA Regulation B rule, which among other changes sets strict conditions for lenders to be able to offer special purpose credit programs.