Housing and mortgage markets could descend into chaos if bureau rules are invalidated by the Supreme Court, according to the Mortgage Bankers Association and other trade groups.

Compliance issues tied to HMDA reporting were the most common problem cited in Fed exams of banks in 2022.

A district court held that a borrower had provided enough evidence to show subservicer LoanCare had received a qualified written response and failed to respond as required by the Real Estate Settlement Procedures Act.

Banking industry trade groups said a CFPB research proposal on consumer choices related to “junk fees” doesn’t meet legal requirements. They are asking the Office of Information and Regulatory Affairs to reject the proposal.

Citizens Bank reaches $9 million settlement over credit card violations; American Bankers Association joins Texas lawsuit challenging Section 1071 Rule; House Democrats request briefing on 1071 rule.

If the talks fall through, the Virginia-based bank could face charges related to imposing overdraft fees on transactions that didn’t actually cause an overdraw on customer accounts.

Banks unilaterally reopening a consumer’s deposit account to process transactions could be in violation of the Consumer Financial Protection Act, the CFPB has warned.

The proposed rule would require assessments of borrowers’ ability to repay and apply the Truth in Lending Act’s civil liability provision for violations.

Banking trade groups panned the rule as unnecessary and damaging to credit card issuers, especially smaller banks and credit unions. Michigan Democrat Rep. Rashida Tlaib has expressed “strong support” for the proposed rule.

The policy statement outlining prohibition on abusive acts and practices subjectively expands the bureau’s authority and could impact conduct permitted by safe harbors in federal consumer protection laws, according to industry attorneys.