CFPB issues advisory opinions on background checks, credit file disclosures requested by consumers; banks critical of advisory opinion on information requests; banks look to slow overdraft rulemaking; new servicing requirements in California; Senate fails to override veto of bill that would halt Section 1071 data collection.
The CFPB and nonbank mortgage lender Townstone Financial presented their arguments to the Seventh Circuit Court of Appeals. The arguments centered on whether ECOA applies to prospective applicants.
Republican members of the House pressed CFPB Director Rohit Chopra on his international engagement last month, requesting he publicly disclose meetings held under an informal partnership between the CFPB and the European Commission.
Researchers with the Federal Reserve Bank of New York found that banks with diverse stakeholders — groups like borrowers, depositors and employees — are more averse to inequality and have a higher propensity to approve mortgage applications for minority borrowers.
Illinois delays vote on CRA regulations; FCC closes lead generator loophole; Biden vetoes bill disapproving 1071; CFPB adjusts asset thresholds under HMDA, TILA; bureau issues report on overdraft fees; CFPB shutters medical debt collector.
Housing industry trade groups are getting behind bipartisan legislation in the Senate which would prohibit consumer reporting companies from selling consumers’ contact information when they apply for a mortgage.