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