Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments. 

Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes. 

The bureau alleged that the servicer misled consumers about CARES Act forbearance and misreported information to credit agencies. Carrington says the bureau is not living up to its promise to be “flexible” with servicers who meant well. 

The CFPB said romance and confidence schemes factor frequently in consumer complaints related to crypto assets. Hacks and platform and service failures are another major problem.

The bureau said tenant-screening reports often contain “wrong, misleading, or old” information and that renters have little recourse.

CFPB finalizes rule on risk-based supervision expansions; Gruenberg renominated as FDIC chairman; FTC safeguards rule deadline extended; Supreme Court considers agency administrative proceedings.

In one court case, a subservicing vendor was accused of "unjust" enrichment...

Single borrowers were more likely to use forbearance programs during the pandemic than coborrowers and were disproportionately helped by them, the Urban Institute found.

One mortgage CEO told IMFnews we may be seeing more of these settlements in the near future...

The CMBS delinquency rate will be steady through the end of the year, Fitch Ratings said, before deteriorating in 2023. Meanwhile, KBRA found that most of the single-borrower CMBS loans in default developed performance problems during the height of pandemic lockdowns.