Even though an appeals court lifted the block preventing mass layoffs at the CFPB, a drastic reduction-in-force may not happen immediately, attorneys said.
"The challenge is getting the requisite understanding of risk, providing the governance infrastructure and really creating the level of transparency and understanding that allow for a less sophisticated lender to adopt this technology," said John Levonick, a senior partner at the law firm of Garris Horn.
The trade group said the Appraisal Modernization Act would limit lenders’ ability to help consumers during changing market conditions and create legal and operational issues for mortgage lenders.
Amid litigation and disagreements among industry participants over the Section 1033 open banking rule, the CFPB said it will soon issue a revised version of the rule.
The court found that ESSA Bank & Trust hasn’t substantially complied with the DOJ’s 2023 consent decree, contrary to assertions by the Trump administration.