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Inside the CFPB

May 20, 2024

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Supreme Court Upholds CFPB’s Funding Structure

The 7-2 court opinion, delivered by Justice Clarence Thomas, affirmed the constitutionality of the CFPB’s funding structure. The court dismissed arguments that the funding mechanism lacks a time limit and a spending cap. Read More

CFPB’s Constitutional Win Draws Mixed Reactions

The Mortgage Bankers Association said a constitutional loss would have invalidated the bureau’s previous rules and caused severe consequences for single-family and multifamily mortgage markets. Read More

CFPB Likely to Face New Challenges After SCOTUS Ruling

The Supreme Court ruling in favor of the CFPB means lawsuits against the bureau will now focus on specific issues. It also paves the way for implementation of various pending rules. Read More

Denial Rates on FHA Purchase Mortgages Decline in 2023

According to a new analysis of HMDA data, refi denial rates spiked in 2023 while denials on purchase mortgages held steady. (Includes data table.) Read More

CFPB’s HMDA Lawsuit Against Freedom to Continue

Judge Donald Middlebrooks dismissed all four of the lender’s arguments against a 2023 CFPB lawsuit, moving the trial forward to July. Read More

Texas Court Halts CFPB Credit Card Late Fee Rule

The preliminary injunction came after a challenge by the U.S. Chamber of Commerce, the American Bankers Association and other trade groups. The ruling could spell trouble for the Biden administration’s fight against so-called “junk fees” in the financial services industry. Read More

Rocket Settles Race-Based Discrimination Charges With HUD

Rocket and the loan originator denied all housing discrimination allegations but entered into the agreement with HUD to obtain closure. Read More

Other News in Brief

Chime Financial to pay more than $4.5 million in redress and fees; Chopra pushes for further action from FSOC on nonbank servicers; financial associations are worried about the CFPB’s potential consumer complaint survey; CFPB takes another action involving student loan ABS; CFPB sues online lending platform. Read More

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