The CFPB issued a proposed rule this week to ban medical debt from credit reports. The debt isn’t an accurate predictor of loan repayment, according to CFPB Director Rohit Chopra.
The Supreme Court’s decision to remand a lawsuit involving preemption back to a lower court leaves the issue unsettled as the high court offered a framework to review preemption rather than bright-line standards.
The request for information touches on various fees associated with mortgage originations. Trade groups representing lenders are concerned that the CFPB will find that fee-disclosure standards are insufficient.
"Companies that are putting bad information on those reports, there needs to be some accountability for them and the ones who are assembling these reports," said CFPB director Rohit Chopra.
The Supreme Court wants the Second Circuit Court of Appeals to conduct a nuanced comparative analysis of whether state consumer protection laws apply to national banks.