Under the proposal, a bank’s mortgage lending activity will be evaluated using two metrics: the percentage of a bank’s mortgage loans made to borrowers in LMI census tracts and borrowers of different income and revenue levels.
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The renewed push for a change to the LO compensation rule has been sparked by the current highly competitive market conditions, according to industry experts.
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The CFPB has brought eight enforcement actions, including six settlements and two lawsuits, in September alone. Four of the settlements resolve charges regarding sending deceptive mailers to veterans.
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Community banks expressed disappointment at the proposed outline, noting that the data collection and reporting mandates will undermine their relationship-based banking model.
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The CFPB’s consumer advisory committee has more consumer advocacy representatives than it has ever had under the Trump administration. Nine out of 12 members are from the consumer advocacy world.
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A survey showed that a majority of homeowners who entered into some sort of COVID-19-related forbearance agreement still got dinged on their credit reports.
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