In a new report, the Federal Reserve said nearly 60% of the compliance violations it observed at banks in 2022 were related to reporting under the Home Mortgage Disclosure Act.

Members on the Federal Reserve and FDIC boards who opposed approving the revised Community Reinvestment Act standards said the new rule could put regulatory burdens on banks.

The CFPB proposed a rule seeking to supervise larger nonbank companies that offer services such as digital wallets and payment apps.

The Community Home Lenders of America has proposed a “uniform annual exam” system for nonbanks that would focus on data that is routinely required by states.

AFSA asks CFPB to withdraw guidance on powerbooking; White House issues executive order on artificial intelligence; CFPB takes action against Citi for discriminating against Armenian Americans.

Some 30 jurisdictions across states and territories now have a law or regulation permitting mortgage loan originators to work remotely.

CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.

The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures.

Regulators in New York and California are stepping up their notice requirements for security incidents. California is also in the process of enhancing consumer data rights.

A recent supervisory highlights report detailed violations of the LO comp rule by some lenders who offered differing compensation for brokered versus in-house loans. Industry participants said it’s a novel interpretation of the LO comp rule. But the bureau disagreed with the reading.