CFPB Director Rohit Chopra’s semi-annual reports to Congress last week offered only a few snippets of policy news but featured much verbal sparring with Republicans.
The CFPB wants to track agency and court orders against nonbanks across all levels of government. One attorney said such a registry would add a substantial compliance burden, especially for smaller companies, and demonstrates a cynical view of financial institutions.
The CFPB said in a blog post that it won’t initiate enforcement actions for failure to report closed-end mortgage loan data collected in 2020, 2021 or 2022 for institutions that are once again subject to Home Mortgage Disclosure Act reporting requirements.
After the CFPB refused to exclude an interest-bearing crypto product from its investigation of Nexo Financial, the firm announced plans to leave the U.S.
The CFPB’s annual financial report showed an uptick in staffing and expenses but a significant increase in the civil money penalties collected. Victim compensation flagged a bit. (Includes data chart.)
The servicer argued that the borrower hadn't returned the loan modification agreement in time. But the court said that detail was a matter of factual dispute.
Supreme Court grants extension for response to bureau appeal; CFPB slams tenant background checks; CFPB, NY AG penalize 9/11 fraudster; CFPB files enforcement action for “fake” CD accounts.
Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments.
The bureau alleged that the servicer misled consumers about CARES Act forbearance and misreported information to credit agencies. Carrington says the bureau is not living up to its promise to be “flexible” with servicers who meant well.
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