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Inside the CFPB

January 23, 2023

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Consumers Filed Fewer Mortgage-Related Complaints in 2022

The CFPB received fewer complaints from consumers about mortgages in 2022. Criticisms about loan modifications inched up 1.5% on an annual basis, despite a 6.1% drop from the third to the fourth quarter. (Includes two data charts.) Read More

Bureau Updates Mortgage Servicing Exam Procedures

The procedures, updated for the first time since 2016, now include a way for examiners to review loss-mitigation efforts for disparate impact. They integrate questions on issues covered in recent guidance that may constitute unfair, deceptive or abusive acts or practices. Read More

CFPB Proposes Registry of Terms and Conditions

The bureau seeks to weed out one-sided terms and conditions included in contracts that consumers sign when purchasing a product or signing up for a service from a nonbank. House Financial Services Committee Chair Patrick McHenry, R-NC, slammed the proposal. Read More

Industry Slow on Resources for Borrowers with LEP

The CFPB and other regulators have been trying to prod financial institutions into treating non-English-speaking consumers with more parity to English speakers. Read More

City National Bank Settles DOJ Redlining Case

The Los Angeles-based lender agreed to a $31 million payout to settle charges it engaged in redlining by denying residents in majority-Black and Hispanic neighborhoods fair access to mortgage credit. Read More

Servicemember Identity Theft on the Rise

Complaints filed with the CFPB by military personnel about identity theft have increased from 234 in 2014 to 1,124 in 2022. Steady income and frequent relocation make servicemembers easy targets. Read More

CFPB Supports Plaintiffs in EFTA Lawsuit Against BofA

Electronic Fund Transfer Act protections apply to prepaid card accounts loaded with government benefits, according to an amicus brief filed by the CFPB in a lawsuit against Bank of America. Read More

Other News in Brief

COO held liable for fraud scheme; companies offering negative option subscriptions on alert; NY law firm settles with CFPB; court says CFPB enforcement authority extends to scholarship assistance marketing. Read More

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