The Community Home Lenders of America wants small mortgage lenders to be exempt from the CFPB’s proposed registry of nonbank form contracts when their compliance burdens substantially outweigh consumer benefit.

The CFPB and other regulators in a joint comment letter raised concerns that the most recent draft of the Appraisal Foundation’s guidelines for appraisers removes clarity on federal discrimination prohibitions.

The study found that the Community Reinvestment Act has had little effect on the level of household borrowing in low- to moderate-income census tracts and on lending in different debt categories.

The CFPB sued Chicago-based Townstone Financial in 2020, alleging that statements made on its radio show discouraged Black prospective applicants from applying for mortgage loans.

CFPB Director Rohit Chopra reiterated his long-held argument that automation alone cannot remove bias from home appraisals. Others discussed actions to address appraisal bias.

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.