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Credit Card Lawsuit Points to Enforcement Inconsistency

February 18, 2020
Yemeng Yang
The CFPB late January sued Citizens Bank for alleged credit card errors. The lawsuit raises questions about consistency in the bureau’s enforcement strategy under its current leadership.
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Industry Flags Liability and Burden Issues Under TRID

February 3, 2020
Yemeng Yang
The TRID rule’s cure liability issues and compliance burdens were the main focus of industry feedback letters to the CFPB.
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CFPB Provides TRID Guides on Construction Loans

January 6, 2020
Yemeng Yang
The CFPB released two guides on how to disclose construction-to-permanent loans under the integrated mortgage disclosure rules. The guides may spur new questions from the industry, attorneys noted.
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Other News in Brief

January 6, 2020
Yemeng Yang
CFPB releases annual adjustment of asset-size thresholds under HMDA and TILA; CFPB issues financial literacy annual report for fiscal 2019; progressive groups call on Supreme Court Justice Brett Kavanaugh to recuse himself from the CFPB constitutionality case; the New Civil Liberties Alliance files lawsuit challenging the CFPB’s funding mechanism.
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TRID Assessment No Guarantee of Changes

December 2, 2019
Yemeng Yang

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.


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CFPB: Large Servicers Dominate, Nonbanks Grow

December 2, 2019
Yemeng Yang

The CFPB's recent report on mortgage servicers seems to state the obvious: the biggest shops dominate the residential loan processing market, and nonbank market share is growing.


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Study Shows Impact of CFPB High-Cost Mortgage Rule

November 4, 2019
Yemeng Yang
A recent study found that a substantial portion of lenders reduced interest rates to avoid being subject to the CFPB regulation regarding high-cost mortgages.
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Three Innovation Policies Finalized

September 23, 2019
Yemeng Yang
The bureau has finalized three policies in order to promote innovation in the financial services industry.
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BofA Investigated for Possible Phony Accounts

September 23, 2019
Yemeng Yang
The bureau has denied Bank of America’s petition to set aside a civil investigative demand over possible unauthorized accounts.
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Supervisory Highlight Identifies APR Disclosure Issues

September 23, 2019
Yemeng Yang
A recent supervisory highlight report identifies inaccurate annual percentage rate disclosures in reverse mortgage transactions.
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