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Inside the CFPB

September 23, 2024

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Mixed Reaction to CFPB’s Mortgage Servicing Proposal

The Conference of State Bank Supervisors urged the bureau to consult with individual states regarding their loss-mitigation requirements to ensure proposed changes don’t incorrectly preempt state protections. Read More

CFPB Considers Open Banking Rule for Mortgages

With the bureau’s Section 1033 rule expected to be finished shortly, the regulator is interested in issuing additional rules on open banking, with one potentially focused on mortgages. Read More

Strong Opposition to CFPB’s LEP Proposal for Servicing

A coalition of mortgage industry trade groups expressed concerns about the proposal. And trade groups representing servicers sounded more alarms in their individual comments to the CFPB. Read More

CFPB’s Servicing Proposal Could Face Challenges in Court

The bureau is relying on the Dodd-Frank Act and RESPA to support its proposed changes to mortgage servicing requirements. However, industry attorneys suggest the arguments might not hold in court. Read More

Regulators Scrutinize Home Equity Investment Activity

Home equity investment activity is growing thanks to ongoing home price appreciation and strong demand from both homeowners and investors in the secondary market. Regulation of the products is currently limited to a handful of states. Read More

CFPB Gets Second Chance at Fair Lending Complaint

While the regulator’s reverse redlining allegations against a defendant were dismissed, a Texas court offered the bureau the option to amend its complaint. Read More

OceanFirst Bank Settles Redlining Charges With HUD, DOJ

The bank will create a $14 million fund to boost credit access and mortgage services in areas where it allegedly engaged in redlining. Read More

CFPB Bans Navient From Student Loan Servicing

The consent order agreed to by the parties requires Navient to pay $120 million in consumer redress and fines. Read More

Other News in Brief

CFPB issues FAQs on buy now pay later products; CFPB provides new guidance on overdraft fees; CFPB sues credit card issuer; CFPB fines TD Bank for misreporting consumer information. Read More

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