The question now facing lenders is how they should respond to the CFPB’s civil investigative demands pending the Supreme Court’s decision in the Seila Law case.
Thomas Ward, deputy assistant attorney general overseeing the torts branch in the civil division of the DOJ, will now serve as the CFPB’s assistant director for enforcement.
To provide greater clarity to financial institutions in meeting their legal obligations, the CFPB will add a new “compliance aids” category to its guidance.
CFPB updates HMDA small entity compliance guide; the bureau files a lawsuit against Citizens Bank for credit card dispute issues; industry and consumer groups seek a delay in risk-retention rule revision.
After Pennsylvania, New Jersey and New York, the Golden State will be the fourth state to establish a state-level agency to boost consumer financial protection.
The court-appointed CFPB defender said the petition challenging the bureau’s structure is “remarkably weak.” According to him, there is no basis “to take the grave step of invalidating an act of Congress.”
The CFPB granted a no-action letter to Bank of America regarding its funding arrangement with HUD-certified housing counseling agencies. It marks the second no-action letter under the revised policy.
The consumer watchdog sued two mortgage-related companies for allegedly selling credit reports they obtained under false pretenses to debt relief companies for their marketing purposes.
Important mortgage regulatory changes and robust examinations of financial institutions are on the consumer watchdog’s 2020 agenda, but all decisions are up in the air with the battle over the bureau’s constitutionality looming in court.
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