Consumer complaints to the CFPB related to mortgages were down sharply from the early months of the year, with huge drops in every category, according to a new Inside the CFPB analysis.
The consent orders related to Bank of America’s practice of charging repeat nonsufficient funds fees, denying rewards to credit card consumers and opening unauthorized credit card accounts.
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.
The Seventh Circuit held that lenders are not liable for how credit reporting agencies interpret information provided on an automated credit dispute verification form.
In recent amicus briefs, the bureau argued that statutes of limitations are subject to equitable tolling and a loan’s exposure to the Truth in Lending Act is not based solely on contractual language.
The Mortgage Bankers Association, in a comment letter, panned a Financial Stability Oversight Council proposal to revise guidelines for designating certain nonbanks as systemically important financial institutions.
When using third-party models, banks should employ testing methods such as back-testing and benchmarking to meet compliance requirements, according to a RiskSpan analyst.