First National Bank of Pennsylvania’s $13.5 million settlement with the DOJ and North Carolina didn’t include a civil monetary penalty. DOJ officials stressed that more redlining enforcement is in the works.
CFPB proposes rule aimed at a fee rarely charged by banks; Connecticut regulator alleges unlicensed mortgage origination activity by LoanSnap; the CFPB and seven state AGs partner on a lawsuit against a debt-relief company; CFPB warns of scam targeting elderly.
Laws in a number of states require mortgage servicers to make interest payments to borrowers on funds held in escrow. The Supreme Court will hear oral arguments on the matter in February, helping to clarify the OCC’s stance on federal preemption.
A coalition of state attorneys general filed letters to the CFPB and the Office of the Comptroller of the Currency noting that banks frequently refuse to cooperate with states’ enforcement investigations.
Illinois delays vote on CRA regulations; FCC closes lead generator loophole; Biden vetoes bill disapproving 1071; CFPB adjusts asset thresholds under HMDA, TILA; bureau issues report on overdraft fees; CFPB shutters medical debt collector.
The Community Home Lenders of America has proposed a “uniform annual exam” system for nonbanks that would focus on data that is routinely required by states.
A panel of judges in the Fourth Circuit Court of Appeals has held that the federal Bankruptcy Code doesn’t preempt state law claims arising from alleged improper collection attempts of a discharged debt.