The CFPB said in a blog post that it won’t initiate enforcement actions for failure to report closed-end mortgage loan data collected in 2020, 2021 or 2022 for institutions that are once again subject to Home Mortgage Disclosure Act reporting requirements.
In a preliminary determination, the CFPB said the Truth in Lending Act doesn’t preempt a New York law requiring lenders to provide commercial borrowers with financial disclosures similar to those provided to consumers. The agency said the laws cover distinct sectors.
State and federal regulations on assumable mortgages differ in some respects from those for new originations. And agency and investor guidelines have to be factored in too.
In responses to the CFPB’s request for information on ways to streamline refis and make loss mitigation easier to access, industry groups expressed resistance to some new ideas floated by the bureau.
The servicer argued that the borrower hadn't returned the loan modification agreement in time. But the court said that detail was a matter of factual dispute.
Auto loans comprise approximately one-third of all non-mortgage debt. Yet most of the data on the market is aggregated, reducing the ability to spot competitive opportunities or potential risks.
The appeals court had temporarily dismissed class-action claims that PNC Bank made unauthorized withdrawals from a borrower's deposit accounts to cover payments on a home equity line of credit.
The CFPB and the Federal Trade Commission weighed in with the 11th Circuit Court of Appeals, arguing that a lower court ruling would hurt the enforceability of the Military Lending Act.
Supreme Court grants extension for response to bureau appeal; CFPB slams tenant background checks; CFPB, NY AG penalize 9/11 fraudster; CFPB files enforcement action for “fake” CD accounts.
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