As a leader of consumer protections at the state level, New York recently enacted legislation to prevent mortgage scams and impose additional obligations on mortgage servicers.
A dozen Republican state attorneys general asked the Supreme Court to review the challenge to the CFPB’s structure, stating their belief the bureau directorship is unconstitutional.
The Conference of State Bank Supervisors in a new white paper encourages nonbank lenders to self-report violations to examiners and build a strong compliance culture.
The bureau has outlined a plan to review rules that have a significant economic impact on small entities. For starters, the bureau is looking into the 10-year-old overdraft rule that limits the ability of financial institutions to assess overdraft fees without consumer consent.
The mortgage industry is seeing a resurgence of marketing services agreements, amid a lax regulatory environment. But, experts say, companies are being more careful this time around.
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