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Inside the CFPB

January 19, 2021

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Biden Nominates Rohit Chopra as CFPB Director

Chopra, an FTC commissioner and former student-loan watchdog at the CFPB, has been nominated to lead the agency. Should mortgage bankers worry? Read More

Ninth Circuit Says CID to Seila Law is Constitutional

The Ninth Circuit Court of Appeals ruled in favor of the CFPB, concluding that the 2017 civil investigative demand issued to Seila Law was validly ratified by Director Kathy Kraninger in July 2020. Read More

2020: A Year of Discontent for Consumers

Consumer complaints across all categories sharply increased from the third to the fourth quarter of 2020. On an annual basis, gripes jumped 47.3%. Credit reports drew the most grievances while mortgage-related issues saw a relatively modest increase. (Includes data chart.) Read More

CFPB Sues 1st Alliance Over Unlawful Lending Practices

The Hartford, CT-based firm is accused of using unlicensed employees to engage in mortgage origination activities in violation of the Truth in Lending Act. The bureau is seeking injunctions against the defendants, as well as damages, redress and penalties. Read More

Nonbanks Slam Prudential Standards Proposed by CSBS

Criticism continues to mount on the Conference of State Bank Supervisors’ proposed prudential standards for nonbank servicers. The Community Home Lenders Association urged that smaller servicers be exempted from the rules. Read More

Ocwen-CFPB Mediation Fails, Servicer Hikes Legal Reserves

In anticipation of a resolution, Ocwen Financial increased its legal and regulatory accrual related to the CFPB matter by $13.1 million in the fourth quarter of 2020. Read More

Other News in Brief

The CFPB issues new guidance on serving consumers with limited English proficiency; the filing period for Home Mortgage Disclosure Act data collected in 2020 opened Jan. 1; the latest pandemic-related stimulus package pro-vides $25 billion for emergency rental assistance and extends the national eviction moratorium until Jan. 31. Read More

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