The Ninth Circuit overturned a lower court’s decision that CitiMortgage had accurately responded to a consumer’s dispute over furnished loan information and conducted a reasonable investigation.
The CFPB reiterated that the Equal Credit Opportunity Act requires creditors to provide consumers notice if they decide to take an adverse action, even if it’s based on a “black-box” credit model.
While affirming a district court ruling against CashCall, a three-judge panel of the Ninth Circuit Court of Appeals said the California-based lender’s behavior was reckless and justified higher penalties.
The appeals court found that an injunction against a former loan officer meant to enforce restrictive covenants was too vague, overbroad and improperly granted.
SEC administrative adjudications found unconstitutional; NCRC settles with Movement Mortgage; CFPB and New York attorney general settle case against debt collectors.
The proposed rule would greatly expand the assessment areas under CRA to include activities associated with online and mobile banking, branchless banking and hybrid models.
The CFPB plans to launch dedicated units within its supervision and enforcement division to enhance detection of repeat offenders and to better hold them accountable.
The bureau announced changes to examiners’ procedures, saying it will now scrutinize all covered markets for discriminatory practices under the “unfairness” standards.
A new report shows that medical debt is the most common collections tradeline on consumer credit reports and out of every 100 Americans, between 18 and 35 people have medical debt in collections.
The DOJ said its support of the Fair Housing Act lawsuit underscores the Biden administration’s seriousness in addressing ongoing legacies of residential segregation and discrimination.