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Inside the CFPB

October 10, 2022

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Court Partially Overturns HMDA Reporting Rule

A judge held that the CFPB’s 2020 Home Mortgage Disclosure Act rule that introduced a higher loan-volume reporting threshold was in part arbitrary and capricious. Read More

U.S. Chamber Sues CFPB for Treating Discrimination as UDAAP

The lawsuit claims the CFPB overstepped its authority when revising its supervisory exam manual to consider discrimination an unfair, deceptive or abusive act or practice. Read More

Appeals Court Reverses Ruling in Interest-on-Escrow Case

The Second Circuit ruled that a New York law requiring banks to pay interest on mortgage escrow accounts was pre-empted by the National Bank Act. Read More

DOJ Settles With Lakeland Bank Over Redlining

The $13 million settlement with the New Jersey-based bank was the third-largest redlining settlement in DOJ’s history. Read More

CFPB Fair Lending Chief Discusses Newer Priorities

The bureau is focusing its efforts on tackling digital redlining, reining in repeat offenders and identifying emerging risks, according to the bureau’s fair lending director. Read More

CFPB Details Faults in Practices of Student Loan Servicers

The bureau’s special supervisory highlights report cites instances of university-owned lenders withholding academic transcripts to coerce borrowers into making payments. Read More

FTC Finds New Path to Consumer Restitution: States

The Federal Trade Commission and California’s Department of Financial Protection and Innovation have initiated action against a group of companies for making false claims related to mortgage modifications. Read More

Rulemaking Petitions on Personal Loans, Medical Debt Reporting

The Center for Responsible Lending and Consumer Bankers Association have jointly requested rulemaking on personal lending, while the National Consumer Law Center wants rulemaking to prohibit the listing of medical debt on credit reports. Read More

Other News in Brief

The CFPB imposes penalty on overdraft fees; online lender sued; money transfer firm fined; term lender’s appeal fails. Read More

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