The Los Angeles-based lender agreed to a $31 million payout to settle charges it engaged in redlining by denying residents in majority-Black and Hispanic neighborhoods fair access to mortgage credit.
COO held liable for fraud scheme; companies offering negative option subscriptions on alert; NY law firm settles with CFPB; court says CFPB enforcement authority extends to scholarship assistance marketing.
The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
State AGs weigh in on CFPB’s Supreme Court appeal; HMDA filing period opens; Community Reinvestment Act thresholds updated; CFPB asks for dismissal of UDAAP lawsuit; CFPB, FTC argue furnishers must investigate legal disputes; bureau penalizes remittances provider.
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.
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