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Inside the CFPB

December 16, 2019

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Reform Would Block CRA Credit on Mortgages to the Wealthy

The FDIC and OCC proposed Community Reinvestment Act reforms that will prevent banks from receiving credit for making mortgages to higher-income borrowers living in low-income areas. Read More

Benefits and Risks of Alt Data in Loan Underwriting

Federal regulators are cautiously supporting the use of alternative data in loan underwriting decisions, but many uncertainties remain. Read More

CFPB Fate Debated in Briefs to Supreme Court

In opening briefs before the Supreme Court, a California law firm and the CFPB argued the bureau’s structure is unconstitutional, but took opposing positions on how to remedy the situation. Read More

SCOTUS Rejects Second CFPB Constitutionality Challenge

The Supreme Court will hear only one challenge to the CFPB’s constitutionality in its current term. Two other circuit court cases on the issue are on hold. Read More

Lawmakers Question CFPB’s Advisory Opinion Plan

Democratic senators are concerned about the CFPB’s plan to provide tailored advisory opinions to companies based on specific circumstances. Read More

House Opts to Let CFPB Address QM Underwriting Issues

The House Financial Services Committee canceled a vote on a bill intended to mitigate the risk from the expiration of the qualified-mortgage patch. Read More

CFPB Finds Credit Reporting Issues with Mortgage Servicers

Some mortgage servicers do not have sufficient guidance in place to respond to credit reporting disputes and other accuracy issues, according to a special edition of a supervisory highlights report. Read More

State Roundup: NY and Reverse Mortgages; CA Privacy Law

New York imposes additional requirements for lenders offering reverse mortgages under the HECM program, while a new California law will impact how firms collect and maintain consumer information. Read More

Other News in Brief

Draft amendments to the CFPB’s remittance transfer rule; former CFPB Director Richard Cordray’s new book; PayPal sues CFPB; concerns raised over compliance with HMDA reporting requirements; CFPB initiated 133 “supervisory events” in fiscal 2019. Read More

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