Lower courts have started to put on hold CFPB enforcement litigation, pending a final decision by the Supreme Court on whether the bureau’s single-director leadership structure is constitutional.
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The CFPB nowadays is less active in addressing fair lending concerns via enforcement actions, particularly in cases relating to disparate impact. The bureau did not initiate or complete a single fair lending enforcement action from October 2018 to March 2019.
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The bureau is seeking reapproval for its modified disclosure testing plan to allow industry stakeholders an opportunity to comment. The move indicates that the test results can influence CFPB’s rulemaking.
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Rep. Patrick McHenry of North Carolina questioned whether the collection requirements under HMDA contribute to lending discrimination towards the LGBTQ community.
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A recent study found that a substantial portion of lenders reduced interest rates to avoid being subject to the CFPB regulation regarding high-cost mortgages.
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New York’s governor recently directed the New York State Department of Financial Services to investigate instances of alleged mortgage deed fraud in Brooklyn.
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The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to provide assistance toward the development of new qualified mortgage standards.
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Nearly two dozen Democratic senators urged the CFPB to immediately open an enforcement investigation into a servicer’s management of a student loan forgiveness program.
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The CFPB will hold a symposium Wednesday to discuss data collection on small business lending; Supreme Court sets briefing schedule in Seila Law v. CFPB.