Several amicus briefs have been filed in defense of the CFPB’s funding structure in a case the Supreme Court will hear in its next term. Former and current members of Congress and academics said the bureau’s funding is consistent with historical practice.
Housing and mortgage markets could descend into chaos if bureau rules are invalidated by the Supreme Court, according to the Mortgage Bankers Association and other trade groups.
In a petition filed with the CFPB, the Mortgage Bankers Association requested various changes to the Regulation X early intervention and loss-mitigation rules.
A district court held that a borrower had provided enough evidence to show subservicer LoanCare had received a qualified written response and failed to respond as required by the Real Estate Settlement Procedures Act.
Mortgage trade groups requested changes to proposed requirements for mortgage business licensing applications in a Nationwide Multistate Licensing System modernization proposal.
Banking industry trade groups said a CFPB research proposal on consumer choices related to “junk fees” doesn’t meet legal requirements. They are asking the Office of Information and Regulatory Affairs to reject the proposal.
Citizens Bank reaches $9 million settlement over credit card violations; American Bankers Association joins Texas lawsuit challenging Section 1071 Rule; House Democrats request briefing on 1071 rule.
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