Federal and state regulators looking to implement new data privacy standards should include exemptions for firms subject to Gramm-Leach-Bliley Act requirements, according to the Mortgage Bankers Association and other trade groups.

The Supreme Court delivered a unanimous opinion in Cantero v. Bank of America, sending the case back to a lower court.

The AQB is considering other professional work experience as a substitute for the college degree required for some licenses.

Industry trade groups reacted swiftly to the RFI.

Speaking at the MBA secondary conference, CFPB Director Rohit Chopra pushed back against the argument that credit reporting fees are distinct from junk fees. He said the term junk fee extends to fees that lack competition in the market.

The CFPB is in the process of hiring 75 additional staff to help with the workload the bureau’s enforcement office is facing.

“The dynamics with the [CFPB] will now start to resemble those of most federal agencies: there will be legal challenges to specific regulations and enforcement actions … but those will be focused, targeted challenges, not existential ones,” according to Adam Levitin, a Georgetown University law school professor.

Denial rates on purchase mortgages inched up in 2023 except for FHA loans, where the rate declined.

The Mortgage Bankers Association said a constitutional loss would have invalidated the bureau’s previous rules and caused severe consequences for single-family and multifamily mortgage markets.

The 7-2 court opinion, delivered by Justice Clarence Thomas, affirmed the constitutionality of the CFPB’s funding structure. The court dismissed arguments that the funding mechanism lacks a time limit and a spending cap.