According to the book’s marketing materials, Watchdog is a “never-before-published insider story” of the CFPB. The foreword was written by – drum roll please – Sen. Elizabeth Warren...
The FDIC and OCC proposed Community Reinvestment Act reforms that will prevent banks from receiving credit for making mortgages to higher-income borrowers living in low-income areas.
In opening briefs before the Supreme Court, a California law firm and the CFPB argued the bureau’s structure is unconstitutional, but took opposing positions on how to remedy the situation.
Among the proposed changes: A residential loan made to a high-income individual residing in low- and moderate-income neighborhoods would no longer qualify for CRA credit.
Draft amendments to the CFPB’s remittance transfer rule; former CFPB Director Richard Cordray’s new book; PayPal sues CFPB; concerns raised over compliance with HMDA reporting requirements; CFPB initiated 133 “supervisory events” in fiscal 2019.
New York imposes additional requirements for lenders offering reverse mortgages under the HECM program, while a new California law will impact how firms collect and maintain consumer information.
The Supreme Court will hear only one challenge to the CFPB’s constitutionality in its current term. Two other circuit court cases on the issue are on hold.