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Inside the CFPB

September 28, 2020

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Industry Dubs Fed’s CRA Reform Plan ‘Promising’

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. Read More

CHLA Continues to Push for Changes to LO Comp Rule

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. Read More

MBA Says its Efforts Spurred Crackdown on VA Lenders

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. Read More

CFPB Outlines Rulemaking for Small-Business Lending

Community banks expressed disappointment at the proposed outline, noting that the data collection and reporting mandates will undermine their relationship-based banking model. Read More

CFPB’s Advisory Panel Gets More Consumer Representatives

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. Read More

Industry Supports Proposed HPML Escrow Exemption

Industry groups recommend the CFPB amend the proposal to exempt institutions making smaller-balance HPMLs — less than $100,000. Read More

Consumer Groups Urge CFPB to End Relief for Credit Bureaus

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. Read More

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