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Home » Authors » Shannon Clark

Articles by Shannon Clark

Trade Groups Urge CFPB to Reconsider Servicing Proposal

September 12, 2024
Shannon Clark
While trade groups want the CFPB to update Regulation X’s mortgage servicing standards, a recent proposal from the CFPB received mixed reviews.
Read More

Texas Judge Frustrated With Challenge to CFPB Rule

September 11, 2024
Shannon Clark
There's a back-and-forth happening between courts on where a challenge to a final rule from the CFPB on credit cards should be heard.
Read More

Trade Groups, Consumer Advocates Voice Concern Over CFPB Proposal on Language Access

September 10, 2024
Shannon Clark
A new requirement to extend language access for home borrowers within the CFPB's proposal to update Regulation X's mortgage servicing requirements will actually do the opposite, according to a joint comment letter submitted on the proposal.
Read More

CFPB Fines VA Lender Over Illegal Cash-Out Refis

September 9, 2024
Shannon Clark
The CFPB claimed NewDay lured VA borrowers into cash-out refi mortgages by hiding the true costs of the loans. The lender agreed to a consent order without admitting any wrongdoing, adding that the “outcome highlights an environment of regulatory overreach.”
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CFPB Scores Tentative Win in Section 1071 Rule Lawsuit

September 9, 2024
Shannon Clark
A Texas district court affirmed the CFPB has authority to issue the upcoming small-business lending data collection rule. The court, however, didn’t express an opinion on the wisdom of the rule.
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CFPB Opponents Offer New Argument on Funding

September 9, 2024
Shannon Clark
Groups representing the farm credit industry claim the CFPB’s small-business lending data collection rule is invalid as it was developed by the bureau when it was receiving funds unconstitutionally.
Read More

Judge Expresses Frustration Over Credit Card Case Venue Change

September 9, 2024
Shannon Clark
The CFPB is once again seeking to change the venue of the lawsuit after two failed attempts sent the case back to a Texas district court.
Read More

Standard for Applying NBA Preemption Still Inconsistent

September 9, 2024
Shannon Clark
The Ninth Circuit in a recent case didn’t abide by the U.S. Supreme Court directive that it apply a nuanced analysis of the Barnett decision when deciding whether the National Bank Act preempts a state law.
Read More

NCLC Urges CFPB to Extend ECOA to Residential Leases

September 9, 2024
Shannon Clark
The NCLC is asking the bureau to pursue rulemaking to apply the Equal Credit Opportunity Act’s adverse action requirement to renters and ban the use of medical debt in tenant screening decisions.
Read More

CFPB Takes Interest in Apple, Final Section 1033 Rule Nears

September 9, 2024
Shannon Clark
As part of the iOS 18 update, Apple will allow app developers to offer their own forms of contactless transactions, beyond Apple Pay and Apple Wallet. CFPB has called for feedback on the change.
Read More
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