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Inside the CFPB

October 2, 2023

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Lenders Hoping for More Collaborative CFPB

The Supreme Court will hear oral arguments Oct. 3 in a case challenging the structure of the CFPB. Lenders are hoping that the CFPB emerges willing to collaborate on regulatory issues. Read More

More Work Needed on Reconsideration of Value

Proposed guidance from the CFPB and other regulators on reconsiderations of value was welcomed by many industry participants. Still, consumer advocates and lenders have divergent views on the matter. Read More

CFPB Working to Preserve Loss-Mitigation Flexibilities

The CFPB plans to issue a proposed rule in early 2024 to revise standards for loss mitigation. Separately, rising costs for homeowners insurance are a concern. Read More

Kentucky Court Imposes Nationwide Injunction on 1071

A Kentucky court has issued a nationwide injunction, blocking the CFPB from enforcing its small-business lending data collection rule until the Supreme Court decides the bureau’s constitutionality issue. Read More

CFPB Taking Comments on Petition for Arbitration Rules

Consumer groups have submitted a petition for rulemaking with the CFPB to prohibit the use of pre-dispute arbitration agreements in the financial products and services industry. Read More

CFPB Issues Guidance on Adverse Action Notices

The bureau outlined the procedure lenders must undertake when informing consumers of adverse credit actions triggered by the use of algorithms and other predictive decision-making technologies. Read More

Mixed Messages in DOJ’s Latest Redlining Settlement

The DOJ sees its latest redlining settlement as sending a strong message to banks. Washington Trust downplayed the matter, noting no civil monetary penalty was required. Read More

CFPB Plans to Remove Medical Bills From Credit Reports

The effort launched with a small business advisory review panel. A proposed rule is anticipated in 2024. Read More

Other News in Brief

Annual inflation adjustments tied to TILA; CFPB reviews 2022 HMDA data; amicus brief in credit report dispute lawsuit; CFPB touts results from complaint database. Read More

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