The FDIC and OCC proposed Community Reinvestment Act reforms that will prevent banks from receiving credit for making mortgages to higher-income borrowers living in low-income areas.
In opening briefs before the Supreme Court, a California law firm and the CFPB argued the bureau’s structure is unconstitutional, but took opposing positions on how to remedy the situation.
Draft amendments to the CFPB’s remittance transfer rule; former CFPB Director Richard Cordray’s new book; PayPal sues CFPB; concerns raised over compliance with HMDA reporting requirements; CFPB initiated 133 “supervisory events” in fiscal 2019.
Some mortgage servicers do not have sufficient guidance in place to respond to credit reporting disputes and other accuracy issues, according to a special edition of a supervisory highlights report.
The CFPB plans to assess the costs and benefits of the integrated mortgage disclosure rule, inviting stakeholders and the public at-large to comment. Assessment results will be released by October 2020.
The CFPB's assessment of the TRID rule does not mean the bureau is planning to eliminate or even modify the rule, according to attorneys watching the action.
The CFPB will announce changes to its consent order termination policy, making it easier for firms to get out from under post-enforcement monitoring, agency Director Kathy Kraninger said in a recent speech. She also hinted at a few other soon-to-be-announced items.
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