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Inside the CFPB

December 22, 2023

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Oral Arguments Kick Off In Townstone Redlining Case

The CFPB and nonbank mortgage lender Townstone Financial presented their arguments to the Seventh Circuit Court of Appeals. The arguments centered on whether ECOA applies to prospective applicants. Read More

Chopra’s International Engagement Draws Scrutiny

Republican members of the House pressed CFPB Director Rohit Chopra on his international engagement last month, requesting he publicly disclose meetings held under an informal partnership between the CFPB and the European Commission. Read More

State AGs Urge CFPB, OCC to Push Banks to Cooperate

A coalition of state attorneys general filed letters to the CFPB and the Office of the Comptroller of the Currency noting that banks frequently refuse to cooperate with states’ enforcement investigations. Read More

CFPB, DOJ Sue Developer for Predatory Lending

The bureau and the Department of Justice sued a Texas land developer and a mortgage lender over an alleged predatory lending scheme. Read More

Stakeholder Diversity Tied to Higher Mortgage Approval Rates

Researchers with the Federal Reserve Bank of New York found that banks with diverse stakeholders — groups like borrowers, depositors and employees — are more averse to inequality and have a higher propensity to approve mortgage applications for minority borrowers. Read More

CFPB Fines U.S. Bank $21M for Pandemic-Era Benefits Freezes

The civil monetary penalty and consumer redress are tied to freezes on unemployment benefits accounts during the pandemic. Read More

Bureau’s Office of Competition and Innovation Scrutinized

Republicans pressed the head of the CFPB’s Office of Innovation and Competition on the value of work done by the office. Read More

House Bill Would Limit CFPB’s UDAAP Powers

Legislation introduced by Kentucky Republican Andy Barr would rein in the CFPB’s use of its unfair, deceptive and abusive acts or practices authority. Read More

Other News in Brief

Illinois delays vote on CRA regulations; FCC closes lead generator loophole; Biden vetoes bill disapproving 1071; CFPB adjusts asset thresholds under HMDA, TILA; bureau issues report on overdraft fees; CFPB shutters medical debt collector. Read More

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