A Maryland homeowner sought to file a class action against Bank of America for violating a state law requiring banks to pay interest on funds maintained in escrow accounts.
The bureau filed a joint amicus brief with the Federal Trade Commission in a case that seeks to use a section of the Communications Decency Act to avoid prosecution under the Fair Credit Reporting Act.
Seila Law ends Supreme Court quest; compliance date of 2017 rule delayed again; CFPB joins other regulators on LIBOR statement; CFPB seeks clarity on Regulation O; consumers seek regulation of earned wage access products.
With the Senate confirming Rohit Chopra as CFPB director, industry participants are preparing for regulatory whiplash after relaxed enforcement and rulemaking during the Trump administration.
The federal regulator will continue to take a close look at mortgage servicers’ actions as a wave of distressed borrowers nears the end of their pandemic-related forbearance programs.
Rather than going after credit repair companies for violating the Telemarketing Sales Rule, the CFPB filed a lawsuit against a software company and its owner for aiding credit repair companies.
Wells Fargo’s problems with the CFPB are now in the rear-view mirror, but the megabank has considerable OCC exposure. For starters, it cannot buy mortgage servicing rights.
A recent coordinated action by the DOJ and OCC against an Atlanta-based mortgage lender for redlining practices appears to be a harbinger of things to come under the Biden administration.
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