In opening briefs before the Supreme Court, a California law firm and the CFPB argued the bureau’s structure is unconstitutional, but took opposing positions on how to remedy the situation.
Draft amendments to the CFPB’s remittance transfer rule; former CFPB Director Richard Cordray’s new book; PayPal sues CFPB; concerns raised over compliance with HMDA reporting requirements; CFPB initiated 133 “supervisory events” in fiscal 2019.
Some mortgage servicers do not have sufficient guidance in place to respond to credit reporting disputes and other accuracy issues, according to a special edition of a supervisory highlights report.
The CFPB will announce changes to its consent order termination policy, making it easier for firms to get out from under post-enforcement monitoring, agency Director Kathy Kraninger said in a recent speech. She also hinted at a few other soon-to-be-announced items.
Two Democratic senators are pressing for a CFPB examination of the Apple Card's underwriting standards, while demanding information about the agency's enforcement of fair lending standards.
The Justice Department and the Consumer Financial Protection Bureau in a recent court filing said the agency’s past enforcement actions can survive even if the U.S. Supreme Court finds its structure unconstitutional.
The CFPB nowadays is less active in addressing fair lending concerns via enforcement actions, particularly in cases relating to disparate impact. The bureau did not initiate or complete a single fair lending enforcement action from October 2018 to March 2019.
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