The Supreme Court ruling in favor of the CFPB means lawsuits against the bureau will now focus on specific issues. It also paves the way for implementation of various pending rules.
The preliminary injunction came after a challenge by the U.S. Chamber of Commerce, the American Bankers Association and other trade groups. The ruling could spell trouble for the Biden administration’s fight against so-called “junk fees” in the financial services industry.
Chime Financial to pay more than $4.5 million in redress and fees; Chopra pushes for further action from FSOC on nonbank servicers; financial associations are worried about the CFPB’s potential consumer complaint survey; CFPB takes another action involving student loan ABS; CFPB sues online lending platform.
Delinquencies and losses on subprime auto ABS have been rising. Improved underwriting and inflation leveling out could help improve performance, according to industry analysts.
The 7-2 decision upholds the bureau’s ability to receive funding directly from the Federal Reserve and overturns a decision by the Fifth Circuit Court of Appeals.
Goldman markets a new jumbo loan, Fannie releases results of a non-performing loan sale, Sachem's revenue grows in the first quarter and UWM's CEO downplays pricing initiatives.