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Inside the CFPB

June 6, 2022

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Regulators Outline Goals for CRA Revision

Federal regulators recently elaborated on their goals behind last month’s interagency Community Reinvestment Act proposal, which some fair lending advocates believe is not going to advance racial equity. Read More

Small Lenders Raise Concerns Over AVM Calculations, Cost

Mortgage lenders and brokers who participated in a small business review panel convened by the CFPB support making AVMs more accurate but are concerned about downstream financial and business impacts. Read More

Court Reverses Ruling that Favored CitiMortgage

The Ninth Circuit overturned a lower court’s decision that CitiMortgage had accurately responded to a consumer’s dispute over furnished loan information and conducted a reasonable investigation. Read More

CFPB Reminds Creditors on Adverse Action Disclosures

The CFPB reiterated that the Equal Credit Opportunity Act requires creditors to provide consumers notice if they decide to take an adverse action, even if it’s based on a “black-box” credit model. Read More

Court Rules CashCall Owes CFPB-Requested Penalty

While affirming a district court ruling against CashCall, a three-judge panel of the Ninth Circuit Court of Appeals said the California-based lender’s behavior was reckless and justified higher penalties. Read More

Sixth Circuit Waives Injunction Enforcing Restrictions on LO

The appeals court found that an injunction against a former loan officer meant to enforce restrictive covenants was too vague, overbroad and improperly granted. Read More

CFPB Pushes Credit Card Companies to Furnish Payment Info

The bureau wants to know why several major credit card issuers aren’t furnishing actual payment information to credit reporting agencies. The request for input is voluntary. Read More

CFPB Launches Office of Competition and Innovation

The new office, which replaces the Office of Innovation, will broaden its focus to include research and policy oriented at identifying and addressing obstacles to competition. Read More

Other News in Brief

SEC administrative adjudications found unconstitutional; NCRC settles with Movement Mortgage; CFPB and New York attorney general settle case against debt collectors. Read More

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