The bureau initiated 32 fair lending investigations in 2022. The most common issue leading to supervisory communication was related to mortgage origination underwriting policies and guidelines.
Movement Mortgage settles with DOJ; CFPB, other agencies issue RFI on medical debt; Senate Democrats want action on voice cloning; CFPB says most borrowers in forbearance in 2021 are current now; CFPB paying out to student loan borrowers who were charged illegal fees.
The CFPB’s latest regulatory agenda included a new larger-participant rule for consumer payments markets. The CFPB is also working on mortgage servicing reforms.
The CFPB and five other federal agencies issued a joint proposed rule aiming to set quality control standards for the use of automated valuation models. Separately, regulators issued proposed guidance for reconsiderations of value.
The Supreme Court held that a Minnesota county violated the Constitution’s takings clause when it kept excess proceeds from a tax foreclosure sale after paying off the homeowner’s tax debt. The ruling has implications for mortgage servicers.
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.
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.