Justice Amy Coney Barrett seemed to disagree with the CFSA’s interpretation of the Appropriations Clause text, while Justice Brett Kavanaugh disagreed with the notion that the CFPB was insulated from Congressional control, according to attorneys tracking the case.
The Supreme Court’s decision on the CFPB’s funding will decide not just the future of the agency and its regulations but will also hold implications for what kinds of appropriations Congress can author.
The bureau alleges Freedom Mortgage submitted 2020 Home Mortgage Disclosure Act data that was riddled with errors, demonstrating insufficient improvements after a 2019 consent order.
Lenders should pay attention to state location reporting requirements, emphasize documenting borrower communications and report changes in mortgage loan officer work locations, according to analysts.
In an advisory opinion, the bureau nudged large banks and credit unions to provide consumers with complete and accurate account information when requested, without “unreasonably impeding” the consumer’s access, including charging fees for requests.
CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.
The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures.