CFPB issues advisory opinions on background checks, credit file disclosures requested by consumers; banks critical of advisory opinion on information requests; banks look to slow overdraft rulemaking; new servicing requirements in California; Senate fails to override veto of bill that would halt Section 1071 data collection.
Housing industry trade groups are getting behind bipartisan legislation in the Senate which would prohibit consumer reporting companies from selling consumers’ contact information when they apply for a mortgage.
A Texas district court expanded its injunction against the CFPB’s small-business lending data collection requirements. Meanwhile, the Senate voted to overturn the rule though President Biden threatened a veto.
Recent CFPB guidance on the prohibition of abusive practices could pose risks to real estate agents engaging in joint ventures with lenders and title companies, according to attorneys at McGuire Woods.
Eight Republican-sponsored pieces of legislation were attached to a recent hearing on CFPB reforms, including one that would convert the bureau’s leadership structure into a five-member commission.
The New York Foreclosure Abuse Prevention Act reverses a court ruling that said the voluntary discontinuance of a foreclosure revoked the acceleration of a mortgage loan and its six-year statute of limitations.
CFPB Director Rohit Chopra’s semi-annual reports to Congress last week offered only a few snippets of policy news but featured much verbal sparring with Republicans.
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