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Inside the CFPB

July 29, 2024

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Mortgage-Related Complaints Decline in Second Quarter

Servicing issues remained the top type of mortgage-related complaint received by the CFPB. The only mortgage category to see an increase in complaints was loan applications. (Includes two data tables.) Read More

CFPB Faces Pushback on Mortgage Servicing Proposal

While updates to Regulation X are needed, many of the bureau’s proposed changes will create limitations or additional challenges for mortgage servicers, according to industry experts. Read More

Federal Agencies Issue Final Guidance on ROV Processes

The regulators clarified that the final document is intended to be limited to “real estate-related financial transactions that are secured by a single 1-to-4 family residential property.” Read More

SCOTUS Ruling to Impact Administrative Proceedings

A recent Supreme Court ruling that in-house adjudications seeking civil penalties entitle the defendant to a jury trial will have an impact on how the CFPB uses administrative proceedings. Read More

OCC’s Hsu Vows to Defend National Bank Preemption

The Office of the Comptroller of the Currency is reviewing its 2020 interpretation of preemption under the Dodd-Frank Act to see if any updates are needed, according to Acting Comptroller Michael Hsu. Read More

CSBS Launches First Phase of NMLS Improvements

The initial updates focus on easing user access to the system. The second phase of updates is expected in the second half of 2025. Read More

CFPB Warns Companies on Nondisclosure Agreements

The bureau said some companies may be in violation of the CFPA if they include language in their non-disclosure agreements that discourage employees from reporting illegal misconduct. Read More

CFPB Proposes Rule on Paycheck Advance Products

The proposed rule fails to provide a bright-line test for lenders and employers, an attorney with the Dorsey & Whitney law firm said. Read More

Other News in Brief

Federal banking agencies reviewing regulations; CFPB countersues lease-to-own company; the bureau considers penalties against Equifax; lawsuit against CFPB credit card late fee rule to stay in Texas; lenders seek more time to comply with Section 1033 rule. Read More

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