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Inside the CFPB

September 9, 2024

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CFPB Fines VA Lender Over Illegal Cash-Out Refis

The CFPB claimed NewDay lured VA borrowers into cash-out refi mortgages by hiding the true costs of the loans. The lender agreed to a consent order without admitting any wrongdoing, adding that the “outcome highlights an environment of regulatory overreach.” Read More

CFPB Scores Tentative Win in Section 1071 Rule Lawsuit

A Texas district court affirmed the CFPB has authority to issue the upcoming small-business lending data collection rule. The court, however, didn’t express an opinion on the wisdom of the rule. Read More

CFPB Opponents Offer New Argument on Funding

Groups representing the farm credit industry claim the CFPB’s small-business lending data collection rule is invalid as it was developed by the bureau when it was receiving funds unconstitutionally. Read More

Judge Expresses Frustration Over Credit Card Case Venue Change

The CFPB is once again seeking to change the venue of the lawsuit after two failed attempts sent the case back to a Texas district court. Read More

Standard for Applying NBA Preemption Still Inconsistent

The Ninth Circuit in a recent case didn’t abide by the U.S. Supreme Court directive that it apply a nuanced analysis of the Barnett decision when deciding whether the National Bank Act preempts a state law. Read More

NCLC Urges CFPB to Extend ECOA to Residential Leases

The NCLC is asking the bureau to pursue rulemaking to apply the Equal Credit Opportunity Act’s adverse action requirement to renters and ban the use of medical debt in tenant screening decisions. Read More

CFPB Takes Interest in Apple, Final Section 1033 Rule Nears

As part of the iOS 18 update, Apple will allow app developers to offer their own forms of contactless transactions, beyond Apple Pay and Apple Wallet. CFPB has called for feedback on the change. Read More

CFPB’s EWA Proposal Receives Varying Feedback

The American Bankers Association said a proposed interpretative rule will discourage banks from EWA products, limiting access to a convenient and potentially free source of small dollar, short-term liquidity. Read More

Other News in Brief

CFPB issues consumer advisory on financial risks associated with video games; DC Attorney General snags more than $3.2 million in total penalties from settlements with title companies. Read More

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