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Inside the CFPB

September 14, 2020

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Industry Supports QM Proposal, But Seeks Tweaks

Many participants have suggested the CFPB increase the safe harbor qualified-mortgage threshold to ensure borrowers are not arbitrarily left with only FHA-insured options. Read More

CFPB Flags Redlining in Latest Supervisory Report

The regulator’s supervisory highlights report has identified violations of fair lending laws for the first time since September 2017, indicating a renewed interest in the issue. Read More

CFPB Seeks Seila Law CID Ratification in Ninth Circuit

The CFPB warned of market disruption if its past actions — which have led to numerous regulations governing the mortgage industry — are open to new interpretations. Read More

No Significant COVID Impact on Mortgages, Says CFPB

Based on credit record data, the CFPB found that new delinquencies on mortgages declined between March and June, though a spike occurred in April during the height of the pandemic. Read More

Consumer Groups Accuse CFPB of Hiding Complaint Narratives

Consumers need to scroll down the left menu of the complaint database to nearly the end to find what they’re looking for. Intentional by design? Read More

Bad Players in VA Lending Target of CFPB Crackdown

The tally of enforcement actions by the regulator tied to deceptive VA mortgage advertisements reached seven this month, with more than $2 million in assessed penalties. Read More

BofA Faces RESPA Charges, Wells Sued Over Fair Lending

A Maryland court grants class action certification to mortgage borrowers against Bank of America for illegal kickbacks; Ninth Circuit allows Oakland, CA, to sue Wells Fargo for discriminatory lending practices. Read More

California Passes Two Bills with Impacts on Mortgage Industry

One of the bills imposes new COVID-19-related forbearance obligations on mortgage servicers while the other gives the Golden State its own CFPB. Read More

Other News in Brief

The CFPB to host first Tech Sprint in October; agency task force on federal consumer financial law to hold listening session on Tuesday; the CFPB sues Encore Capital for violation of 2015 consent order. Read More

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