The increase was driven by a double-digit jump in gripes related to mortgage applications. Criticisms regarding servicing and loan modifications, on the other hand, dropped. (Includes two data charts.)
Section 1033 of the Dodd-Frank Act ensures consumers have access to, and the ability to leverage, data in their records. The question is how much data consumer-authorized third parties can access from bank accounts.
The goal is to prevent credit discrimination under the Equal Credit Opportunity Act. The bureau also seeks input on its approach to the disparate-impact rule.
More than a dozen Democratic senators, led by Sen. Sherrod Brown, OH, have urged acting Comptroller Brian Brooks to confirm the OCC’s fair lending responsibilities.
The CFPB is facing legal challenges from fair lending advocacy groups over its Home Mortgage Disclosure Act final rule that raises reporting thresholds for mortgage lenders.
Given the recent surge in new COVID-19 infections, now may be a good time to reassess location-based licensing requirements as well as state oversight, the trade group believes.