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Inside the CFPB

February 16, 2021

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Is March 1 Still the Effective Date of the New QM Rule?

With less than two weeks left until the new qualified-mortgage standards go into effect, there is no official word on whether the rule will be delayed. Read More

CFPB Targeting Companies Not Responsive to Complaints

In a new blog posting, CFPB Acting Director Dave Uejio spelled out the ways the bureau is working to get financial institutions to provide substantive responses to consumer complaints. Read More

CFPB Goes on an ‘Attorney-Advisor’ Hiring Binge

The agency is scrambling to boost its attorney strength to help it to deliver on its promise to make consumer protection rules more effective, and to consistently and fairly enforce those rules. Read More

CFPB to Resume Data Collection Halted Last Year

The CFPB will resume data collection relating to mortgage loans, credit cards, prepaid accounts, and small-business and clean energy loans that it had suspended at the start of the pandemic. Read More

Most Industry Groups Back Data Access Through APIs

Most industry stakeholders suggested the CFPB push financial institutions to adopt data sharing through application programming interfaces instead of the practice of screen scraping. Read More

California’s DFPI Takes First Enforcement Action

The new California state regulator, modeled after the CFPB, fined Optima Advocates for falsely promising consumers it could get their student loans dismissed in exchange for a fee. Read More

Court Reinstates RESPA Lawsuit Against Sierra Pacific Mortgage

A Maryland trial court last month admitted its error in dismissing an anti-kickback lawsuit against Sierra Pacific Mortgage. The court will now reassess the plaintiffs’ claim under both RESPA and the RICO Act. Read More

Bill Reintroduced to Create Office of Fair Lending Testing

The proposed Fair Lending for All Act would require the CFPB to establish a fair lending testing office. It also aims to expand HMDA reporting requirements and strengthen the ECOA. Read More

PayPal Faces CFPB Probe Over its Mobile Payment App

The agency has initiated an investigation into unauthorized funds transfers and the debt collection practices of Venmo, a mobile payment app controlled by PayPal. Read More

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