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Inside the CFPB

September 5, 2023

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CFPB Opposes Request to Expand 1071 Injunction

The agency opposed a request to expand an injunction on implementing its small business lending data collection rule to all covered institutions. Currently the stay applies only to American Bankers Association and Texas Bankers Association members. Read More

Industry Calls for CRA Rule Delay, Citing CFPB Uncertainty

The Bank Policy Institute and American Bankers Association have asked federal agencies to pause adoption of the Community Reinvestment Act final rule until proposed bank capital requirements are finalized and the Supreme Court decides on the CFPB’s funding mechanism. Read More

CDIA: Potential Data Broker Rule Could Lead to Exits

According to Dan Smith, president and CEO of the Consumer Data Industry Association, the CFPB’s potential data broker rule could lead to companies exiting the data business. Read More

DOJ Settles Redlining Claims With Oklahoma Bank

The DOJ has settled redlining charges brought against American Bank of Oklahoma. HSBC Bank also disclosed recently that it’s under investigation by the Department of Housing and Urban Development for alleged redlining. Read More

CFPB Sues Installment Lender for Loan Churning

The bureau has accused South Carolina-based Heights Finance of targeting borrowers for their likelihood to refinance and using coercive practices to drive them into fee-laden refinancing cycles. Read More

Credit Repair Firms Agree to $2.7 Billion CFPB Settlement

The firms, which include Lexington Law and CreditRepair.com, were accused of misrepresenting to consumers that an upfront fee was necessary to begin the credit repair process. Read More

Debt Buyers May be Liable for Collectors’ Actions, Court Says

A New York court has rejected a motion to dismiss a CFPB lawsuit against a group of debt buyers for violations of the Consumer Financial Protection Act and the Fair Debt Collection Practices Act. Read More

Other News in Brief

Supreme Court denies Republican AGs’ request to join oral arguments in CFPB funding case; CFPB seeks responses to student borrower survey. Read More

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