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Inside the CFPB

May 15, 2023

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It’s High Time the LO Comp Rule is Updated, Lenders Say

Banking industry trade groups are seeking changes to the loan originator compensation rule, which is currently under review by the CFPB. Read More

DTI Issues Lead Reason for Mortgage Denials in 2022

Issues tied to a borrower’s debt-to-income ratio continued to remain the main reason behind both purchase mortgage and refinance denials in 2022, according to HMDA data. (Includes data chart.) Read More

Court Bars Enforcement Action Against Ocwen

For the third time, a judge held that the CFPB’s claims against Ocwen Financial over alleged servicing-related violations of federal law, are barred by a 2014 consent order between the bureau and the servicer. Read More

Atlantic Union Bank in Settlement Negotiations With CFPB

If the talks fall through, the Virginia-based bank could face charges related to imposing overdraft fees on transactions that didn’t actually cause an overdraw on customer accounts. Read More

CFPB Warns Banks Against Reopening Closed Deposit Accounts

Banks unilaterally reopening a consumer’s deposit account to process transactions could be in violation of the Consumer Financial Protection Act, the CFPB has warned. Read More

CFPB’s Card Late Fee Proposal Faces Pushback

Banking trade groups panned the rule as unnecessary and damaging to credit card issuers, especially smaller banks and credit unions. Michigan Democrat Rep. Rashida Tlaib has expressed “strong support” for the proposed rule. Read More

CFPB Proposes ATR Standards for PACE Loans

The proposed rule would require assessments of borrowers’ ability to repay and apply the Truth in Lending Act’s civil liability provision for violations. Read More

Other News in Brief

The Appraisal Foundation updates appraisal standards; the CFPB will distribute $22 million among debt relief scam victims; CFPB Inspector General expresses opposition to legislation about his office. Read More

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