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Inside the CFPB

December 11, 2023

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GOP’s McHenry Praises CFPB for 1033 Rulemaking

CFPB Director Rohit Chopra was accused of partisan regulatory management by Republican lawmakers during recent congressional hearings. But the bureau’s proposed personal financial data rights rule found praise. Read More

CFPB Fines BofA $12 Million for HMDA Errors

The bureau had accused Bank of America of submitting false information related to collection and reporting of mortgage applicants’ race, ethnicity and gender under the Home Mortgage Disclosure Act. Read More

Chopra Pressed on Breach, Trade Group Engagement

Republican lawmakers in the House and Senate pushed CFPB Director Rohit Chopra to share more information on a data breach at the bureau earlier this year. Members of both parties also urged Chopra to engage more with state-level banking trade groups. Read More

Researchers Find Large Racial Gaps in Home Equity Lending

A new working paper found that racial disparities in applications for home equity loan, home equity lines of credit and cash-out refinances between 2018 and 2021 were significantly larger than those for purchases and rate-term refinances. Read More

Court Clarifies How RESPA Treble Damages Apply

A district court recently held that the Real Estate Settlement Procedures Act’s treble damages provision applies only to the amount charged for title and settlement services due to illegal kickbacks. Read More

Court Denies TransUnion’s Attempt to Recoup Part of CFPB Penalty

TransUnion was seeking to recover more than $5 million of a $13.9 million penalty it paid for violations of a prior consent order. Read More

CFPB Fines Atlantic Union Bank for Overdraft Issues

The Richmond, VA-based bank has agreed to pay $6.2 million to settle charges that its employees failed to acquire consumers’ affirmative consent before enrolling them in an overdraft protection service. Read More

Trade Groups Seek to Slow Data Broker Rulemaking

Industry wants the CFPB to include an advanced notice of proposed rulemaking step in its Fair Credit Reporting Act rulemaking restricting the sale of consumer data by credit reporting companies. Read More

Other News in Brief

Concerns over AI; the CFPB files comments on California DFPI’s proposed registration and examination of income-based advance providers; the CFPB ombudsman annual report; rulemaking on junk fees in Massachusetts; income share agreement provider settles with CFPB. Read More

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