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Inside the CFPB

April 17, 2023

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Mortgage Complaints Rise Sharply in First Quarter

Mortgage-related complaints filed with the CFPB grew by 41.2% to 7,016 in the first quarter of 2023. Servicing-related complaints were the largest group, largely due to issues in the payment process. (Includes two data charts.) Read More

CFPB Abusiveness Guidance Prompts Legal Scrutiny

The policy statement outlining prohibition on abusive acts and practices subjectively expands the bureau’s authority and could impact conduct permitted by safe harbors in federal consumer protection laws, according to industry attorneys. Read More

FDIC Cites Illegal Referrals in 2022 Supervisory Report

The federal agency found instances of illegal mortgage loan referrals and redlining during supervisory examinations of financial institutions. Read More

Rep. McHenry Threatens to Use Block Section 1071 Rule

Rep. Patrick McHenry, R-NC, has threatened to use the Congressional Review Act to prevent implementation of the CFPB’s new reporting requirements on small business lending. Read More

AI/ML Tools Require Ongoing Compliance Tests

The Equal Credit Opportunity Act includes an affirmative obligation to continually search for whether any adverse impacts from a model can be mitigated by a less discriminatory alternative. Read More

Proposed Nonbank T&C Registry is Illegal, Trade Groups Say

The proposal is an attempt by the CFPB to circumvent the limits of its authority with respect to arbitration agreements, said trade groups. Read More

OIG: CFPB Faces Challenges on Security, Workforce Programs

The CFPB is facing management challenges in reforming its information security practices, workforce support programs and in embracing new technology and skills in supervisory and enforcement activities. Read More

Chopra Says 2018 Deregulation Contributed to SVB Collapse

CFPB Director Rohit Chopra said a push in 2018 to reduce regulations on banks contributed to the collapse of Silicon Valley Bank. Read More

Other News in Brief

Bureau appeals Townstone Financial ruling; Chopra to host discussion on zombie second mortgages; CFPB seeks $3.16 billion penalty. Read More

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