MBA’s advocacy arm tells members to oppose Illinois CRA rule draft; CFPB fines small-dollar lender $15 million for consent order violation; CFPB reverses course on UDAAP examination manual changes.
A split among circuit courts prompted the Supreme Court to take up a case involving banks and mortgage escrow accounts. The dispute centers on federal preemption of state requirements for financial institutions to make interest payments on funds in mortgage escrow accounts.