The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal.
The Los Angeles-based lender agreed to a $31 million payout to settle charges it engaged in redlining by denying residents in majority-Black and Hispanic neighborhoods fair access to mortgage credit.
The CFPB is facing criticism from attorneys over its unusually late issuance of annually updated thresholds in Regulation Z’s provisions implementing various laws and rules.
State AGs weigh in on CFPB’s Supreme Court appeal; HMDA filing period opens; Community Reinvestment Act thresholds updated; CFPB asks for dismissal of UDAAP lawsuit; CFPB, FTC argue furnishers must investigate legal disputes; bureau penalizes remittances provider.
CFPB Director Rohit Chopra’s semi-annual reports to Congress last week offered only a few snippets of policy news but featured much verbal sparring with Republicans.
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.
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.
Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments.
The bureau alleged that the servicer misled consumers about CARES Act forbearance and misreported information to credit agencies. Carrington says the bureau is not living up to its promise to be “flexible” with servicers who meant well.