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Inside the CFPB

March 11, 2024

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White House Pushes CFPB on Mortgage Closing Costs

The CFPB is looking into closing costs associated with mortgage originations. The move is facing pushback from the MBA. Read More

SCOTUS May Vote Narrowly in BofA Escrow Appeal

The Cantero v. BofA mortgage-escrow case, which has major ramifications for federal preemption of state laws, could swing either way, depending on how three justices rule. Read More

CFPB, Trade Groups Weigh in on Servicing Lawsuits

The CFPB is looking to stop attempts by servicers to tack on convenience fees for payments made online or by phone. Meanwhile, trade groups are advocating for federal preemption in a Supreme Court case. Read More

Nonbank Lenders Air Concerns About State Reporting

At the first NMLS ombudsman meeting of the year, the MBA raised concerns regarding state regulation of nonbank mortgage companies. Read More

CFPB Flexes Supervisory Authority Over Nonbank

The CFPB last month issued its first contested supervisory designation order against a nonbank. The bureau said other companies that had received notices consented to supervision. Read More

CFPB Slashes Credit Card Late Fees With New Rule

Large credit card issuers’ late fees will be capped at $8 in a few months following a new rule from the CFPB. Industry groups have filed a lawsuit to stop implementation of the rule. Read More

CFPB Implements New Conflict-of-Interest Policy for Examiners

The CFPB’s Office of Supervision Examination has capped the time an examiner can be assigned to an entity to a maximum of five years. The OSE is also set to launch a tool to track examiner assignments. Read More

CFPB Warns Against Rigged Comparison-Shopping Tools

A CFPB circular warning operators of digital comparison-shopping tools against engaging in preferential treatment isn’t sitting well with industry participants. Read More

CFPB Could Advance Ethical Use of AI

There is an opportunity for the CFPB to advance ethical use of AI, according to Brad Blower, principal and founder of Inclusive-Partners. Read More

Other News in Brief

CFPB working on data safeguarding rulemaking, Fed to host webinar on compliance issues. Read More

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