Industry attorneys believe the CFPB will appeal a Fifth Circuit opinion finding its funding structure unconstitutional. They expect the fight to end in some form of legislative arrangement.
The Fifth Circuit Court of Appeals, in ruling on the validity of a CFPB 2017 payday lending rule, found the funding structure underlying the agency’s actions unconstitutional. Depending on the results of an appeal, it could spell serious trouble for the bureau.
Mortgage Bankers Association's President and CEO Robert Broeksmit said regulations have pushed banks out of the mortgage sector and could do the same to nonbanks if regulators aren’t careful.
The Mortgage Bankers Association, alongside national bank trade groups and local mortgage industry groups, sent a comment letter to a DC councilmember requesting the bill be shelved.
CSBS names new policy and supervision chief; CFPB studies student banking; bureau sues remittances firm; DOJ settles discrimination claims with bank; Regulation F MVNs are optional; bureau states clearly false data don’t belong on credit reports.
A judge held that the CFPB’s 2020 Home Mortgage Disclosure Act rule that introduced a higher loan-volume reporting threshold was in part arbitrary and capricious.
The lawsuit claims the CFPB overstepped its authority when revising its supervisory exam manual to consider discrimination an unfair, deceptive or abusive act or practice.