Mortgage Bankers Association's President and CEO Robert Broeksmit said regulations have pushed banks out of the mortgage sector and could do the same to nonbanks if regulators aren’t careful.
CSBS names new policy and supervision chief; CFPB studies student banking; bureau sues remittances firm; DOJ settles discrimination claims with bank; Regulation F MVNs are optional; bureau states clearly false data don’t belong on credit reports.
The Federal Trade Commission and California’s Department of Financial Protection and Innovation have initiated action against a group of companies for making false claims related to mortgage modifications.
The CFPB said the company hadn’t met any of its self-imposed deadlines to provide information regarding how it handles consumer disputes. Block operates popular peer-to-peer payments service Cash App.
Attorneys for law firm Garris Horn said lenders should take certain steps to protect themselves against redlining accusations by regulators, recommending lenders virtue signal more often.
The CFPB and DOJ filed a complaint and proposed consent order against Trident Mortgage for allegedly discouraging consumers in Philadelphia’s majority-minority neighborhoods from applying for credit.
The CFPB is looking to hire roughly 25 tech-savvy employees to aid in supervision and enforcement. The positions to be filled range from data scientists to user experience designers.