The CFPB and three other federal agencies issued a statement highlighting concerns about bias in automated systems. The CFPB is particularly concerned about home valuations, lending and marketing.
New APOR calculations; regulators help with LIBOR transition; CFPB puts credit reporting agencies on alert; data breach involving former CFPB employee; lender settles with Arizona AG.
The CFPB is facing management challenges in reforming its information security practices, workforce support programs and in embracing new technology and skills in supervisory and enforcement activities.
The Second Circuit Court of Appeals’ ruling last month deepens a circuit split on the constitutionality of the CFPB’s funding structure, which is set for hearing before the Supreme Court next term.
Two attorneys at Orrick shared strategies that mortgage lenders can use to defend themselves in federal redlining cases, including questioning the data analysis used to bring a case.
RMK Financial/Majestic Home Loans continued to use advertisements that led consumers to believe it was affiliated with the FHA or VA in violation of a 2015 consent order.
Appellate courts are rejecting older interpretations of the Fair Credit Reporting Act and Fair Debt Collection Practices Act, while the CFPB is pushing its own readings of them through guidance.