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.
The CFPB needs to ensure its staff know when to issue a consumer compliance rating to nonbanks and the criteria for selecting the examination. Also, the bureau needs to expand its examination workforce.
Federal and state agencies are back to fully enforcing communication timing requirements found in Regulation X. However, they will consider the impact of COVID-19 when deciding supervisory and enforcement actions.
The CFPB needs to improve the effectiveness of its quality management program in order to strengthen its supervision activities, the Federal Reserve Office of Inspector General said in a recent report.
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