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Inside the CFPB

December 20, 2021

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Supervisory Report Highlights Mortgage Servicing Violations

The latest CFPB supervisory highlights report found violations in mortgage servicers’ handling of forbearance under the CARES Act, which examiners said amount to unfair or deceptive acts or practices. Read More

OIG Recommends CFPB Overhaul Nonbank Examinations

The CFPB needs to ensure its staff know when to issue a consumer compliance rating to nonbanks and the criteria for selecting the examination. Also, the bureau needs to expand its examination workforce. Read More

Chopra Urges State AGs to Use Consumer Financial Protection Laws

State attorneys general could be leading the conversation on enforcement of consumer financial protection laws moving forward, according to compliance attorneys. Read More

CFPB Fall Regulatory Agenda Omits QM Revision

The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules. Read More

HUD Guidance Clears Path to Special Purpose Credit Programs

The guidance will ease fears of over-stepping discrimination provisions for lenders interested in starting SPCPs, which various stakeholders believe hold promise in addressing racial homeownership gaps. Read More

Bureau Finalizes Rule Guiding LIBOR Transition

The CFPB has finalized a rule requiring open- and closed-end creditors to transition to a new index. The rule goes into effect on April 1 and provides examples of indices that are acceptable. Read More

Chopra’s Actions Reveal Differences on FDIC Board

The usually discreet FDIC board has seen a procedural disagreement turn into news, with members of Congress weighing in. The argument is falling along partisan lines. Read More

CFPB Orders BNPL Firms to Produce Information

Buy now, pay later offerings are embedding themselves in consumer behavior, and the CFPB has taken notice. Read More

Other News in Brief

Access Funding fined for misleading consumers; appellate court denies CFPB’s rehearing request; CFPB whistleblower webpage updated; New York attorney general eyeing servicer violations. Read More

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