Any regulatory action resulting from the CFPB’s recent request for information must be grounded in the bureau’s statutory authority, the Mortgage Bankers Association said.

The CFPB said it is stepping in to stop harmful practices used in contract for deed financing that set up homebuyers to fail.

Consumer ire toward financial services and products doesn’t seem to be abating, with complaints to the CFPB hitting a record high in the second quarter of 2024. (Includes two data tables.)

Mortgage industry trade groups want the bureau to explore the repercussions on markets and consumers of any new rule or regulation concerning mortgage closing costs.

Industry trade groups cautioned the CFPB that limits on mortgage closing costs could be beyond the bureau’s authority.

Mr. Cooper Group’s Nationstar Mortgage is under fire for allegedly collecting payoff statement fees not included in the original mortgage contracts.

While companies will inevitably have to reduce costs, industry analysts stress that it’s important that compliance policies and system remain updated and in-place.

Some banks continue to press the CFPB for a reporting exemption for small banks as the rule will create additional burdens on these banks who may get frustrated and end up selling or closing their businesses.

The bureau is partnering with the Treasury Department and the Federal Trade Commission to stop illegal practices in the solar industry.

CFPB is investigating price gouging by private equity firms; litigation may occur between the bureau and JPMorgan Chase regarding Zelle payments; CFPB and other federal regulators release a proposed rule to standardize data submitted to federal financial agencies; CFPB proposes $3.0 million in penalties for credit repair issue.