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Inside the CFPB

November 18, 2019

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DOJ: CFPB Actions Can Survive Unconstitutionality Ruling

The Justice Department and the Consumer Financial Protection Bureau in a recent court filing said the agency’s past enforcement actions can survive even if the U.S. Supreme Court finds its structure unconstitutional. Read More

Congress Considers Appendix Q Fix in Light of QM Patch Expiry

Congress is mulling legislation that would allow lenders to rely on technical standards other than Appendix Q to determine a borrower’s debt-to-income ratio under the ability-to-repay rule. The move is aimed at mitigating the risk from the expiration of the qualified-mortgage patch. Read More

Pennsylvania Targets Mortgage Lenders without Servicer License

The Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license. Read More

Court Refuses to Kill Ocwen Suit Over CFPB Volte-Face

A district court not convinced that the CFPB’s structure is unconstitutional declined to drop a case filed by the bureau against Ocwen Financial Corp. over alleged mortgage servicing failures. Read More

FDIC Fines HomeStreet Bank $1.35M over RESPA Violation

The action brings attention once again to co-marketing arrangements between lenders and settlement services providers. Read More

House Committee Passes Debt Collection Bills

The House Financial Services Committee passed eight bills on debt collection, including prohibiting the CFPB from issuing any rule that would allow collectors to contact borrowers with unlimited text messages and emails. Read More

CFPB Wins Obama-era Suit Over Foreclosure Relief Scam

A district judge in Wisconsin ordered two now-defunct mortgage relief firms and their principals to pay $59 million over foreclosure abuses. The payment includes $21.7 million in consumer restitution and a $37.3 million fine. Read More

CFPB Clarifies Requirements for LO Temporary Authority

The bureau issued an interpretive rule that certain screening and training requirements under the Secure and Fair Enforcement for Mortgage Licensing Act do not apply to loan originators with temporary authority. Read More

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