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Inside the CFPB

April 3, 2023

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Chopra Offers Insight Into Section 1033 Rulemaking

CFPB Director Rohit Chopra engaged in a live question-and-answer session last month, acknowledging banks’ concerns about nonbank coverage and liability flows. Read More

CFPB Appears Unfazed by Loss in Redlining Lawsuit

The CFPB is committed to keep working to protect prospective applicants under Regulation B, its implementing regulation of the Equal Credit Opportunity Act, according to Patrice Ficklin, the bureau’s fair lending director. Read More

CFPB Finalizes Rule on Small Business Lending Data Collection

The CFPB released a final rule implementing Dodd-Frank Act Section 1071, which requires financial institutions to collect and report data on their small business lending activities. Read More

Second Circuit Holds CFPB Funding Constitutional

The Second Circuit Court of Appeals’ ruling last month deepens a circuit split on the constitutionality of the CFPB’s funding structure, which is set for hearing before the Supreme Court next term. Read More

Attorneys Offer Advice on Challenging Redlining Claims

Two attorneys at Orrick shared strategies that mortgage lenders can use to defend themselves in federal redlining cases, including questioning the data analysis used to bring a case. Read More

Strong Opposition to Repeat Offender Registry Proposal

The CFPB’s proposed rule for an online registry of nonbanks underestimates the burden for institutions and overstates its value to the public and enforcement agencies, mortgage trade groups said in comments. Read More

Court Denies CFPB Motion to Stop Employee Depositions

The CFPB’s attempt to prevent the deposition of three employees in its own enforcement case against Citizens Bank was rejected. Read More

CFPB Receives Fewer EEO-Related Complaints in FY22

In a report on its equal opportunity employment program, the CFPB said it found no new instances of internal discrimination in FY2022. Read More

Other News in Brief

CFPB expands credit card survey; debt collector ordered to pay $24 million; CFPB says TILA doesn’t preempt state disclosure laws; ICBA requests CFPB approve proposed construction loan disclosure template; SCOTUS requests DOJ input on mortgage escrow interest laws. Read More

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