The DOJ is self-referring investigations and scrutinizing lenders’ HMDA loan application register data for redlining practices, according to industry attorneys.
For its part, the CFPB said it will take an “active leadership role” on the Federal Financial Institutions Examination Council’s Appraisal Subcommittee.
Rocket Mortgage, the nation’s largest overall lender and the very first participant in the pilot, said the examination process was an “overwhelming” and “exhausting” experience.
Smaller nonbanks don’t have the economies of scale to monitor how the CFPB might deviate from state interpretations of federal consumer mortgage rules and regulations, the Community Home Lenders Association said in a letter to the CFPB.
Senior staff from across federal agencies, including the CFPB, have criticized the Appraisal Foundation's proposed changes to professional appraisal practices for not adequately addressing discrimination in the appraisal process.
While industry trade groups want fewer companies and products to fall under the scope of the proposed small-business lending data collection rule, consumer advocates mostly want the opposite.
The banking industry and consumer advocacy groups want regulators to ensure big tech companies operating payment-processing systems provide protections similar to those offered by the banking sector.
The latest CFPB supervisory highlights report found violations in mortgage servicers’ handling of forbearance under the CARES Act, which examiners said amount to unfair or deceptive acts or practices.
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