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Inside the CFPB

February 21, 2023

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CFPB in Legal Limbo as Supreme Court Ponders Taking Case

The Supreme Court justices met in private last week to consider whether to take a case involving the CFPB’s funding structure and other authorities. A decision on the case will have major ramifications for the agency. Read More

CFPB Enforcement Activity Declines 61% in FY2022

Records obtained by a law firm under the Freedom of Information Act reveal that the CFPB opened only 25 new enforcement investigations in fiscal year 2022, compared to 64 in the year before. The bureau, meanwhile, has made headway in hiring attorneys. Read More

CFPB Issues Opinion on Mortgage Comparison-Shopping Sites

The bureau has clarified that the Real Estate Settlement Procedures Act prohibits digital mortgage comparison platforms from steering shoppers to lenders using “pay-to-play tactics.” Read More

Appeals Court Favors CFPB in Prepaid Disclosure Lawsuit

An appeals court agreed with the CFPB’s argument that its pre-paid rule doesn’t impose mandatory model clauses. Instead, it provides companies the option to use model language or other “substantially similar” wording. Read More

CHLA Seeks Member Exemption from Registry of Form Contracts

The Community Home Lenders of America wants small mortgage lenders to be exempt from the CFPB’s proposed registry of nonbank form contracts when their compliance burdens substantially outweigh consumer benefit. Read More

Regulators Critical of New Appraisal Ethics Guidelines

The CFPB and other regulators in a joint comment letter raised concerns that the most recent draft of the Appraisal Foundation’s guidelines for appraisers removes clarity on federal discrimination prohibitions. Read More

FRBNY Finds Insignificant Impact of CRA for Borrowers

The study found that the Community Reinvestment Act has had little effect on the level of household borrowing in low- to moderate-income census tracts and on lending in different debt categories. Read More

Other News in Brief

TransUnion in talks with the CFPB and FTC to settle charges; medical collections declined in the past four years; CHLA seeks exemption for members from CFPB’s “repeat offender” registry. Read More

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