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Inside the CFPB

August 21, 2023

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CFPB Claims Stance on LO Comp Hasn’t Changed

A recent supervisory highlights report detailed violations of the LO comp rule by some lenders who offered differing compensation for brokered versus in-house loans. Industry participants said it’s a novel interpretation of the LO comp rule. But the bureau disagreed with the reading. Read More

Freedom Agrees to Pay CFPB $1.8M to Settle Kickback Charges

The settlement resolves charges that Freedom Mortgage provided real estate agents with cash payments, paid subscription services and catered parties in exchange for referrals. Read More

Expansion of NMLS Call Reporting Raises Concerns

The cost of compliance with upcoming changes to the Nationwide Multistate Licensing System’s mortgage call report may force smaller firms to combine operations or exit the lending business, the MBA warned. Read More

CFPB Enforcement Against Auto Finance Firm Stayed

A New York state court has stayed proceedings in an enforcement action brought by the CFPB against a subprime indirect auto finance firm, pending the Supreme Court’s decision in the bureau’s funding case. Read More

Lenders Seek Wider Injunction on Section 1071

Credit union and community bank trade groups have joined a lawsuit in a Texas district court, seeking a nationwide injunction against implementation of the CFPB’s small business lending data collection rule. Read More

Fair Housing Act Lawsuit Against BofA Dismissed

The Seventh Circuit ruled that harms suffered by Cook County, IL, as a result of BofA’s lending practices were not proximate enough to the alleged injurious behavior to count as violations of the Fair Housing Act. Read More

CFPB Plans to Widen FCRA Net Over Surveillance Firms

The bureau wants to recategorize brokers selling certain types of consumer data as “consumer reporting agencies” and restrict the extent to which “credit header data” can be released. Read More

Trade Groups Ask FCC to Soften Revocation Proposal

A broad coalition of trade groups raised concerns that the proposal would lead to frivolous lawsuits and potential consumer harm. Read More

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