A CFPB circular warning operators of digital comparison-shopping tools against engaging in preferential treatment isn’t sitting well with industry participants.
The CFPB and the FTC have filed an amicus brief supporting borrowers in a case against Ocwen Loan Servicing, while lender trade groups urged the Supreme Court to intervene in a federal preemption case.
“We are committed both to preventing conflicts of interest in our work and to preserving the independence of our staff,” said David Uejio, acting associate director of the CFPB’s supervision
division.
Questions posed by Supreme Court justices during oral arguments suggest the court could rule in favor of banks seeking preemption from state laws requiring interest payments on mortgage escrow accounts.