The lawsuit centers on whether requirements under the Truth in Lending Act apply to mortgages that are marked as commercial on loan documentation but have certain residential characteristics.
CSBS stressed that it develops and maintains the National Multistate Licensing System required by the statutory authority of the Secure and Fair Enforcement for Mortgage Licensing Act.
More than a handful of motions and briefs have been filed over the last two weeks in the lawsuit challenging the CFPB’s final credit card late fee rule.
In a boon for the CFPB, a lawsuit has been sent back to a lower court, after the Maine Supreme Court vacated the ruling and determined that the loan wasn’t exempt from TILA requirements under Section 1603(3).
Standard-setting organizations will be able to apply for recognition from the CFPB soon, Director Rohit Chopra said. The move will take the bureau closer to finalizing open banking rules.
During an event hosted by the National Fair Housing Training Academy Forum, mortgage lenders were briefed on ways to help decrease discrimination and diversify their businesses.
At a recent House hearing, Republicans and Democrats were divided on the CFPB’s proposed rule to extend its supervisory authority to large technology companies in the digital payment space.
The bureau is calling on NY state leaders to consider adding more restrictions within state legislation to protect consumers from unfair, deceptive or abusive acts and practices.