A federal appeals court remanded the case to a district court to first determine which counts of a CFPB complaint against Ocwen are barred by the 2014 consent judgment between the two parties.
The bureau announced changes to examiners’ procedures, saying it will now scrutinize all covered markets for discriminatory practices under the “unfairness” standards.
The DOJ is self-referring investigations and scrutinizing lenders’ HMDA loan application register data for redlining practices, according to industry attorneys.
The change signals that the CFPB may start bringing more enforcement cases in-house, with the bureau director deciding what does and does not violate the law, according to Mayer Brown attorneys.
Smaller nonbanks don’t have the economies of scale to monitor how the CFPB might deviate from state interpretations of federal consumer mortgage rules and regulations, the Community Home Lenders Association said in a letter to the CFPB.
A multistate taskforce investigation revealed that hundreds of mortgage loan originators had falsely claimed to have completed annual continuing education.
In a new request for input, the bureau has asked consumers to share their experiences with fees charged in connection to their mortgages, deposit accounts, credit cards and prepaid accounts, among others.
Dealing with the risks posed by the use of algorithms in marketing financial products and with institutions abusing their dominant market positions are some of the key priorities for the CFPB.
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