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.
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.
The CFPB said several nonbanks that have come under its oversight following a procedural rule issued in November 2022 are cooperating with the agency to iron out compliance problems before it’s too late.
Recent CFPB guidance on the prohibition of abusive practices could pose risks to real estate agents engaging in joint ventures with lenders and title companies, according to attorneys at McGuire Woods.
Attorney James Sandy of McGlinchey Stafford said that while there’s no legal definition of a junk fee, the CFPB has offered several examples, that can provide some lessons to financial institutions.
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