Regulators in New York and California are stepping up their notice requirements for security incidents. California is also in the process of enhancing consumer data rights.
The cost of compliance with upcoming changes to the Nationwide Multistate Licensing System’s mortgage call report may force smaller firms to combine operations or exit the lending business, the MBA warned.
A New York state court has stayed proceedings in an enforcement action brought by the CFPB against a subprime indirect auto finance firm, pending the Supreme Court’s decision in the bureau’s funding case.
A CFPB proposal to set ability-to-repay requirements for PACE lending has support from mortgage lenders. However, PACE lenders and eight Republican state attorneys general have warned the proposal would lead to the end of PACE lending.
Republicans in the Senate and House pressed CFPB Director Rohit Chopra on his authority to issue informal guidance that they said created new obligations for regulated firms, as well as other issues.
Lenders are concerned the Nationwide Multistate Licensing System’s proposed modernized mortgage business-specific licensee requirements are overly burdensome and confusing, and could introduce regulatory risks for lenders.
The now-shuttered Sprout Mortgage, its former CEO and other defendants have agreed to shell out $3.5 million to settle four consolidated class actions brought by former employees of the non-QM lender.
The CFPB accused OneMain Financial of misleading consumers into signing up for optional add-on products and failing to refund interest charges when consumers canceled those products.
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