Without proper safeguards, the bureau warned, flawed versions of automated valuation models could “digitally redline certain neighborhoods and further embed and perpetuate historical lending disparities.”
Both industry and consumer groups welcomed OCC’s principle-based approach to large banks’ management of climate-related financial risk. Most of the feedback focused on scenario analysis related to climate-related risks.
Auto lending practices under scrutiny; fair lending testing bill; CBA wants CFPB to examine small fintechs; court grants interlocutory review of NCSLT-CFPB decision; EFTA compliance bulletin; interagency letter on unmet credit needs; comment on FTC settlement; PSLF waivers.
Smaller nonbanks don’t have the economies of scale to monitor how the CFPB might deviate from state interpretations of federal consumer mortgage rules and regulations, the Community Home Lenders Association said in a letter to the CFPB.
Trade associations said HMDA disclosure requirements impose a substantial financial burden on their members, while advocates pressed for more data to be collected and published.
The list includes updating the Community Reinvestment Act, reviewing bank merger rules, implementing Basel III standards and expanding engagement on crypto- and climate-related risks.
According to one study, payday loans respond to supply and demand and don’t generally march upward to state maximums. However, Georgetown law professor Adam Levitin said the study coded state loan maximums incorrectly, invalidating the findings.
Bank overdraft and NSF fee practices in easy-to-read, comparative table; Fourth Circuit overturns ruling on convenience fees; CFPB publishes HMDA data entry helper; five federal agencies launch campaign to tackle dating scams.
The CFPB’s rulemaking efforts to implement consumer financial data access rights under Section 1033 of the Dodd-Frank Act will now include the issue of consumer data portability.
Acre Mortgage and Financial has been accused of failure to make all required disclosures and failure to make a reasonable and good faith determination of the borrower’s ability to repay.