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Inside the CFPB

October 16, 2023

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Supreme Court Warm to CFPB’s Arguments

Justice Amy Coney Barrett seemed to disagree with the CFSA’s interpretation of the Appropriations Clause text, while Justice Brett Kavanaugh disagreed with the notion that the CFPB was insulated from Congressional control, according to attorneys tracking the case. Read More

CFPB Case to Decide What Constitutes an Appropriation

The Supreme Court’s decision on the CFPB’s funding will decide not just the future of the agency and its regulations but will also hold implications for what kinds of appropriations Congress can author. Read More

Freedom Sued Over HMDA Reporting Errors

The bureau alleges Freedom Mortgage submitted 2020 Home Mortgage Disclosure Act data that was riddled with errors, demonstrating insufficient improvements after a 2019 consent order. Read More

Comms Documentation Among Remote LO Compliance Pitfalls

Lenders should pay attention to state location reporting requirements, emphasize documenting borrower communications and report changes in mortgage loan officer work locations, according to analysts. Read More

CFPB Bans Fees for Account Information From Large Banks

In an advisory opinion, the bureau nudged large banks and credit unions to provide consumers with complete and accurate account information when requested, without “unreasonably impeding” the consumer’s access, including charging fees for requests. Read More

Guidance Warns of Linking Immigration Status to Credit

The CFPB and Department of Justice warned lenders against using immigration status as a proxy for a protected characteristic. Read More

Chopra Announces Digital Payments Guidance, Supervision

CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies. Read More

TransUnion Hit With Two Federal Enforcement Actions

The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures. Read More

Other News in Brief

Bureau hiring enforcement staff; report says NSF fees down 97%. Read More

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