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Inside the CFPB

November 26, 2018

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Mortgage Servicing Under Focus in New CFPB Investigations

The CFPB under Acting Director Mick Mulvaney has initiated a number of civil investigative demands relating to mortgage servicing. Some new CIDs described the purpose of investigations more precisely than prior ones. Read More

Regulation by Enforcement is Not Dead, Implication to Mortgages

Some enforcement actions against mortgage companies are expected in the future, which could further indicate CFPB’s enforcement strategy for the mortgage industry. Read More

FDCPA Does Not Apply to Non-Judicial Foreclosures, CFPB Argues

Initiating non-judicial foreclosure is not a debt collection activity under the Fair Debt Collection Practices Act, the CFPB argued in a recent court filing in the U.S. Supreme Court. The court decision could have significant impact on the mortgage industry. Read More

Other News in Brief

CFPB advisory committee meets by conference call; the bureau issues a financial report for FY2018 that details employee numbers, funding transfer requests and enforcement actions; and other federal agencies propose a rule to raise the appraisal exemption for rural properties. Read More

Santander Consumer to Pay $12 Million for Misleading Marketing

Santander Consumer USA, a Dallas-based subprime auto lender, agreed to pay nearly $12 million to settle allegations that it misled consumers about its add-on products to auto loans. This is the 10th enforcement action brought by the CFPB under Acting Director Mick Mulvaney. Read More

State Fintech Sandbox Goes on, Implication to CFPB’s initiatives

Arizona Attorney General Mark Brnovich recently announced two new participants in the state’s regulatory sandbox for fintech companies. On the federal level, the CFPB expects to do more to encourage financial innovation. Read More

Group Renews Call for Supervisory Relief for Smaller IMBs

The Community Mortgage Lenders of America has asked the CFPB to exempt smaller independent mortgage bankers from examinations or audits. The CFPB currently has active examinations for IMBs. Read More

Fed: QM Rule Has Significant Effect On Nonconforming Lending

The implementation of the qualified-mortgage standard has reduced the incidence of lending to consumers with high debt-to-income ratios among nonconforming mortgage applications, and significantly increased the cost of credit, according to the Federal Reserve. Read More

Newly Elected Democrat State AGs Likely to Increase Enforcement

Democrats captured a majority of state attorney general seats in elections earlier this month, which will likely increase state-level litigation and multistate enforcement activity, said attorneys. Read More

Kraninger a Step Closer to Becoming the CFPB Director

Senate Majority Leader Mitch McConnell, R-KY, has filed a motion that could bring Kathy Kraninger, the administration’s choice to head the CFPB, up for a vote before the full Senate. Read More

CFPB Updates Norms for Loan Originator, HOEPA Rules

The CFPB updated the small entity compliance guides for two mortgage-related rules to reflect the changes in the exemption for loan originators working for manufactured-home retailers. Read More

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