The CFPB last month issued its first contested supervisory designation order against a nonbank. The bureau said other companies that had received notices consented to supervision.
The update, the first in nine years, broadens the pool of CFPB officials eligible to evaluate appeals, the options for resolving appeals and the matters subject to appeals.
The CFPB has a goal to close 65% of its enforcement investigations within two years of the start of an investigation. The agency has been nowhere near that goal in recent years.
The CFPB estimated that its proposal to establish oversight of payments providers would apply to 17 companies. Companies subject to the proposal are seeking exemptions while consumer advocates called for more expansive protections.
A coalition of state attorneys general filed letters to the CFPB and the Office of the Comptroller of the Currency noting that banks frequently refuse to cooperate with states’ enforcement investigations.
Illinois delays vote on CRA regulations; FCC closes lead generator loophole; Biden vetoes bill disapproving 1071; CFPB adjusts asset thresholds under HMDA, TILA; bureau issues report on overdraft fees; CFPB shutters medical debt collector.
Federal regulators discussed best practices for lenders’ redlining analysis to head off regulatory risk. Separately, Navy Federal Credit Union faces mortgage lending discrimination allegations.
CFPB Director Rohit Chopra was accused of partisan regulatory management by Republican lawmakers during recent congressional hearings. But the bureau’s proposed personal financial data rights rule found praise.
While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said.
Attorney Chris Willis of Troutman Pepper said lenders may still be able to narrowly tailor the use of immigration status in credit decisions while staying compliant with recent guidance from the CFPB and DOJ.
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