February 6, 2023

Consumer Complaints About Credit Reports Surge in 2022

Consumer complaints regarding credit reports and student loans dramatically increased in 2022. Meanwhile, gripes about mortgages and debt collection declined. (Includes two data charts.) Read More

CFPB’s Redlining Action Against Townstone Dismissed

The CFPB sued Chicago-based Townstone Financial in 2020, alleging that statements made on its radio show discouraged Black prospective applicants from applying for mortgage loans. Read More

Attorneys Stress Importance of RESPA-Compliant MSAs

Lenders looking to boost mortgage originations with marketing services agreements need to heed RESPA standards, according to compliance attorneys. Read More

Ninth Circuit Dismisses CARES Act Claims Against Subservicer

The appeals court, agreeing with a district court, tossed out a putative class action against Denver-based Specialized Loan Servicing, noting that the subservicer’s credit reporting was accurate and in compliance with fair lending laws. Read More

CFPB Proposes to Cap Credit Card Late Fees

The CFPB proposal includes lowering the safe-harbor late fees companies can charge consumers and seeks to eliminate automatic annual inflation adjustment of the safe harbor. Read More

Court Remands CFPB Case, Citing Constitutionality Rulings

The Ninth Circuit Court of Appeals vacated and remanded a district court order that sided with the CFPB over mortgage payment company Nationwide Biweekly Administration. Read More

Chopra Joins Regulatory Heads at Appraisal Hearing

CFPB Director Rohit Chopra reiterated his long-held argument that automation alone cannot remove bias from home appraisals. Others discussed actions to address appraisal bias. Read More

Other News In Brief

CFPB to collect rental market data, issue background check guidance; banking regulators won’t enforce against newly-covered HMDA reporters. Read More

Inside the CFPB

View Archived Issues

Consumer Complaints About Credit Reports Surge in 2022

CFPB’s Redlining Action Against Townstone Dismissed

Attorneys Stress Importance of RESPA-Compliant MSAs

Ninth Circuit Dismisses CARES Act Claims Against Subservicer

CFPB Proposes to Cap Credit Card Late Fees

Court Remands CFPB Case, Citing Constitutionality Rulings

Chopra Joins Regulatory Heads at Appraisal Hearing

Other News In Brief

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

Inside the CFPB

February 6, 2023

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?