In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.
A ruling against the CFPB could reshape the bureau’s funding structure and call into question every action taken by the consumer watchdog since its inception in 2011.
Appellate courts are rejecting older interpretations of the Fair Credit Reporting Act and Fair Debt Collection Practices Act, while the CFPB is pushing its own readings of them through guidance.
The Appraisal Foundation plans to revise ethics rule draft; CashCall faces $169 million in restitution and fines; companies not reporting credit card payment data; public benefits programs subject to fees; CFPB, FTC seek input on tenant background checks; DOJ redlining settlement.
The Supreme Court justices met in private last week to consider whether to take a case involving the CFPB’s funding structure and other authorities. A decision on the case will have major ramifications for the agency.
An appeals court agreed with the CFPB’s argument that its pre-paid rule doesn’t impose mandatory model clauses. Instead, it provides companies the option to use model language or other “substantially similar” wording.
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.
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