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Inside the CFPB

July 9, 2018

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CFPB Closes Investigation of Zillow: Another Industry Win on RESPA?

The CFPB recently dropped its RESPA-related investigation of Zillow, deciding not to bring enforcement charges against the online real estate database firm, according to a new public filing. At issue was Zillow’s co-marketing program, which allows real estate agents and lenders to advertise together on the firm’s website. As part of the launch, Zillow had boasted that its “premier agents” can invite lenders to share marketing costs. “Lenders get featured next to the agents on Zillow ... Read More

Mulvaney Up for Key White House Post. But Will He Get It?

Acting CFPB Director Mick Mulvaney has emerged as a leading candidate to become President Trump’s next chief of staff. Now, the big question: Will it actually happen? The speculation regarding Mulvaney and the White House chief of staff job, however, is not new. In February of this year, Mulvaney was said to be Trump’s top pick for the position, but nothing happened. “I remember he was rumored to be a candidate last time [John] Kelly was in trouble,” said one former ... Read More

The War is Over: CFPB Deputy Director English to Resign

Leandra English, deputy director of the CFPB, announced late last week she will resign from the agency early this week, ending her legal fight to become the bureau’s acting chief. English said she made the decision “in light of the recent nomination of a new director,” according to a statement posted on the Twitter account of English’s attorney, Deepak Gupta. Gupta also posted a statement saying he and English will bring to an end a pending case that ... Read More

Citi Rewarded by CFPB for ‘Self-Reporting’ Its Own Screw-up

The CFPB asked Citibank to pay $335 million to credit card customers who did not receive legally mandated interest rate reductions as part of a recent legal settlement, but the agency – interestingly – did not fine the bank for its misconduct. The bureau said it did not assess civil money penalties based on the fact that “Citibank self-identified and self-reported the violations to the bureau, and self-initiated remediation on affected consumers.” It’s not the first time the ... Read More

More Clarity Needed in TRID 2.0, Compliance Experts Say

The preamble of the integrated mortgage disclosure rule creates confusion about whether certain charges qualify for a 10 percent tolerance, and compliance experts suggest that lenders wait to see if there’s further guidance from the CFPB. The CFPB released a rule a year ago finalizing amendments to the Real Estate Settlement Procedures Act and the Truth in Lending Act Integrated Disclosure Rule. The amended TRID rule took effect in October 2017, but the mandatory compliance date… Read More

Nader Doesn’t Mince Words, Calls Mulvaney a ‘Vicious’ Henchman

Consumer advocate Ralph Nader, a one-time presidential candidate, recently blasted Acting CFPB Director Mick Mulvaney, calling him “Trump’s chief hatchet man extraordinaire.” Nader referred to Trump’s top aide as “easily one of the cruelest, most vicious presidential henchman in modern American history,” saying nowhere has Mulvaney “been more blatant about his ugly mission than in his efforts to freeze and dismantle the Consumer Financial Protection ... Read More

CFPB Set to Implement HMDA Relief Later This Summer

The CFPB announced it will release guidance later this summer to provide exemptions to smaller financial institutions under the Home Mortgage Disclosure Act. The regulatory relief comes from the Dodd-Frank reform act – the Economic Growth, Regulatory Relief, and Consumer Protection Act – signed into law in May. The new law exempts depository institutions and credit unions that originated fewer than 500 closed-end mortgage loans or 500 open-end lines of ... Read More

Industry Groups Want the CFPB to Issue ‘Binding’ Guidance

In response to the CFPB’s request for information on regulatory guidance, a number of industry trade groups expressed their belief that such guidance, when issued, should be legally binding. Currently, the CFPB uses disclaimers on non-rule guidance, which means the advice given is only intended to aid understanding and implementation. Many industry groups said the disclaimers undermine the value of the guidance. “The broader and more extensive a disclaimer ... Read More

Lenders Call for Clarification of Fair Lending Standards

Industry groups are calling on the CFPB to provide clarification of fair lending standards under the Equal Credit Opportunity Act as it applies to disparate impact, according to recently filed comment letters on inherited regulations. Among other things, lenders are asking the CFPB to review its use of disparate impact based on a Supreme Court of the United States’ decision in Inclusive Communities. The case established a framework for the application of disparate impact ... Read More

Complaints About Mortgages, Student Loans Drop Sharply

Consumer complaints regarding student loans and mortgages fell sharply in the first half of 2018 compared to the same period a year earlier, according to a new analysis by Inside the CFPB. At the six-month mark, student loan complaints were down a stunning 62.5 percent from a year ago. Criticisms about home mortgages also experienced a double-digit decline – 24.9 percent – for the first half. On the other hand, total gripes filed by the general public [includes exclusive data chart] ... Read More

Other News in Brief: Student Loans Report; Data Securities; Payday-Lending Litigation; CFPB Civil Penalty

CFPB Studies How Student Loan Borrowers Transition Out Of Debt. The CFPB recently issued a report on student loan payments and broader household borrowing. The report provides a close look at borrowers’ use of credit as they approach and make their final student loan payments and what follows in the months beyond. One key finding: Most borrowers pay off a student loan before the final installment is due, often with a single large payment. Further [Includes Four Briefs] ... Read More

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