District court denies request from CFPB to pause litigation against Comerica Bank; CFPB drops lawsuit against Zelle; lawsuits involving Military Lending Act moving forward; CFPB stays on case with state AGs; CFSA seeks ruling from Supreme Court on payday loan rule.
The lawsuit accuses Vanderbilt Mortgage of originating loans without making a reasonable, good faith determination of the borrower’s ability to repay the loan. The legal action is likely to be re-evaluated under a new CFPB director, according to Sheppard Mullin attorneys.
The bureau said many homeowners reported that their servicers pushed them to take on new, higher-interest loans instead of keeping their existing mortgage.
The National Credit Union Administration’s Division of Fair Lending Supervision next year will focus on credit unions that have recently expanded into underserved areas.
The credit union agreed to pay $95 million in consumer refunds and fines to resolve a CFPB investigation that found the company illegally charged overdraft fees.
More fair lending enforcement actions and investigations could come up over the next few months ahead of potential changes in the political landscape, according to Richard Horn, co-partner at the law firm of Garris Horn.
The Securities Industry and Financial Markets Association and the Structured Finance Association have urged the U.S. Supreme Court to weigh in on the lawsuit involving the CFPB and student loan ABS.
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