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Inside the CFPB

June 12, 2023

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Agencies Propose Standards for Use of AVMs, Guidance for ROVs

The CFPB and five other federal agencies issued a joint proposed rule aiming to set quality control standards for the use of automated valuation models. Separately, regulators issued proposed guidance for reconsiderations of value. Read More

Supreme Court Rules County Can’t Keep Tax Foreclosure Profits

The Supreme Court held that a Minnesota county violated the Constitution’s takings clause when it kept excess proceeds from a tax foreclosure sale after paying off the homeowner’s tax debt. The ruling has implications for mortgage servicers. Read More

CFPB Highlights Regulatory Issues Involving Chatbots

The CFPB stressed that any use of a chatbot in customer service roles should meet financial institutions’ legal obligations. The bureau also outlined a series of problems reported in consumer complaints. Read More

Sprout Agrees to Settle Four Class Actions

The now-shuttered Sprout Mortgage, its former CEO and other defendants have agreed to shell out $3.5 million to settle four consolidated class actions brought by former employees of the non-QM lender. Read More

ESSA Bank & Trust Settles DOJ Redlining Allegations

The Department of Justice reached a settlement with Stroudsburg, PA-based ESSA Bank & Trust over redlining allegations. The lender has agreed to invest at least $2.9 million in a home loan subsidy fund. Read More

Community Bankers Concerned About Regulatory Burdens

Members of the Federal Reserve’s Community Depository Institutions Advisory Council have raised concerns that Section 1071 reporting requirements and Community Reinvestment Act modernization could hurt their ability to offer services. Read More

Installment Lender Settles Unfairness Claim Over Interest Refunds

The CFPB accused OneMain Financial of misleading consumers into signing up for optional add-on products and failing to refund interest charges when consumers canceled those products. Read More

CFPB Notes Digital Payment Apps Lack Federal Insurance

The CFPB cautioned consumers against storing funds in digital payment apps, citing lack of federal deposit insurance on such accounts. Read More

Other News in Brief

CFPB settles with Indianapolis debt collector; CFPB extends data broker RFI comment deadline to July 15. Read More

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