The Department of Justice reached a settlement with Stroudsburg, PA-based ESSA Bank & Trust over redlining allegations. The lender has agreed to invest at least $2.9 million in a home loan subsidy fund.
The CFPB accused OneMain Financial of misleading consumers into signing up for optional add-on products and failing to refund interest charges when consumers canceled those products.
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.
For the third time, a judge held that the CFPB’s claims against Ocwen Financial over alleged servicing-related violations of federal law, are barred by a 2014 consent order between the bureau and the servicer.
The Appraisal Foundation updates appraisal standards; the CFPB will distribute $22 million among debt relief scam victims; CFPB Inspector General expresses opposition to legislation about his office.
The CFPB’s efforts to combat redlining include a new emphasis on discriminatory targeting. The regulator’s argument for the application of ECOA in instances of reverse redlining is being questioned.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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