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Inside the CFPB

July 20, 2020

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CFPB Ratifies Prior Actions; Enforcement Questions Remain

It’s possible the validity and outcomes of pending lawsuits involving enforcement actions will be fact-based and vary case by case, according to attorneys tracking the issue. Read More

Final Payday Rule Weakens Underwriting Requirements

It is no longer “unfair and abusive” for lenders to make short-term or longer-term balloon-payment loans without reasonably determining that consumers will have the ability to repay the loans. Read More

Rocket Homes Under CFPB Spotlight for RESPA Issues

The CFPB is investigating Rocket Homes, the home search platform and broker referral network of Quicken Loans, for violations of the Real Estate Settlement Procedures Act, according to a recent S-1 filing. Read More

Consumer Complaints Hit Record High in 2Q20

Consumer complaints filed with the CFPB hit a new record high in the second quarter as the coronavirus pandemic continued to impact consumers’ financial status, according to a new Inside the CFPB analysis. (Includes data chart.)

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HFSC Hearing Focuses on Monitoring of Servicers

According to witnesses testifying at a House hearing, the CFPB appears to be offering regulatory leeway to mortgage servicers but doing little to protect consumers’ interests. Read More

Dems Cautious About OCC’s COVID Preemption

Democratic lawmakers believe the federal preemption asserted by the OCC will undercut state and local agencies’ efforts to protect homeowners from foreclosures. Read More

Chicago-based Townstone Sued for Mortgage Redlining

The lawsuit against the Chicago-based company marks the CFPB’s first-ever redlining action against a nonbank lender. Read More

CFPB Begins Prioritized Assessments of Risky Sectors

The CFPB is devoting half of its supervisory resources to assessing industries that pose the most risks to consumers during the pandemic, including mortgage servicing. Read More

CFPB Names New Deputy Director, Fills Other Vacancies

Thomas Pahl fills a position that had been vacant since Brian Johnson left in February to return to the private sector. Read More

Other News in Brief

The CFPB files lawsuit against companies providing student loan debt relief services; the CFPB encourages stakeholders to use its innovation programs to address regulatory uncertainties. Read More

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