The Department of Justice reached a settlement with Stroudsburg, PA-based ESSA Bank & Trust over redlining allegations. The lender has agreed to invest at least $2.9 million in a home loan subsidy fund.
Members of the Federal Reserve’s Community Depository Institutions Advisory Council have raised concerns that Section 1071 reporting requirements and Community Reinvestment Act modernization could hurt their ability to offer services.
The CFPB accused OneMain Financial of misleading consumers into signing up for optional add-on products and failing to refund interest charges when consumers canceled those products.
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.
RSS