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Inside the CFPB

October 7, 2024

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CFPB Working on Reducing Regulations for Refinances

The CFPB is looking into whether it’s necessary to recertify a borrower’s ability to repay a rate-term mortgage refinance, Kevin Stevens, a senior manager at the bureau, said at a Mortgage Bankers Association conference held in Washington, DC, last week. Read More

CSBS Looks Set to Increase NMLS Fees Despite Outcry

Without an increase in NMLS processing fees, CSBS said it will incur nearly $133 million in losses over the next decade. The fee increases are poised to go into effect in March, but most industry participants won’t be impacted until fall 2025, according to CSBS. Read More

NCLC Bolsters CFPB’s Proposed LEP Requirements

The organization detailed the need for standards for customers with limited English proficiency. Read More

Supreme Court Urged to Take Up CFPB Lawsuit on ABS

The Securities Industry and Financial Markets Association and the Structured Finance Association have urged the U.S. Supreme Court to weigh in on the lawsuit involving the CFPB and student loan ABS. Read More

Court Dismisses TILA Complaint Following CFPB Assessment

In an amicus brief submitted by the bureau, the regulator distinguished the purposes of the Truth in Lending Act’s repayment disclosure requirements for open-end lines of credit, helping two banks prevail in court. Read More

Regulators Urged to Shepherd Use of AI in Fair Lending

Consumer advocates and fintechs believe artificial intelligence can help improve fair lending practices, but federal regulators need to take action so lenders will follow suit. Read More

CFPB Warns Medical Debt Collectors of FDCPA Violations

Debt collectors collecting on already-paid medical bills, bills that contain false or incorrect medical charges or bills that exceed federal and state limits are in violation of the Fair Debt Collection Practices Act, the CFPB reminded servicers. Read More

Other News in Brief

Additional guidance on nonbank registry; student loan ABS settle with CFPB; mortgage servicers file appeal; CFPB releases webpage for open banking standard setter applications; inflation adjustment for higher-priced mortgages. Read More

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