The bulk of the complaints submitted to the CFPB last year involved inaccurate information on credit reports. Transunion, Equifax and Experian, as usual, were the most-complained about companies. (Includes two data tables.)
CFPB Director Rohit Chopra made a reputation as an aggressive and active regulator, going after bank overdraft charges, credit card late fees and big nonbanks’ wallet apps.
Former CFPB Director Kathy Kraninger said with GOP control of the House and the Senate, it’s possible that the Trump White House will revamp the structure of the CFPB.
A potential slowdown of regulations and actions taken by the CFPB during the second Trump administration could alleviate regulatory pressure on financial service providers.
The Seattle-based bank attributed its decision to exit the mortgage business in part to burdensome CRA requirements. The bank received a “need to improve” CRA rating on its lending to low- and moderate-income borrowers. WaFd said it plans to appeal the rating.
Seth Frotman, general counsel and senior advisor to the director at the CFPB, expressed frustrations with courts for blocking the bureau’s efforts to apply existing laws to address modern and evolving problems.
MBA calls for nonbank registry delay; bureau fines remittance company; bureau sues Draper & Kramer for redlining; Pennsylvania AG sues mortgage brokers over kickback scheme.
Oversight of nonbank mortgage servicers, support for community banks and reinvigoration of federal partnerships are among state regulators’ top priorities.
The enforcement action against Lakeview/Bayview Loan Servicing puts mortgage servicers on notice that they can no longer be lax about cybersecurity compliance.
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