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Inside the CFPB

June 7, 2021

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Credit Bureaus Deflect Blame for Surge in Consumer Complaints

In testimony before lawmakers, executives of the big three credit reporting agencies said borrowers’ heightened concern over their financial obligations during the pandemic is to blame for the rise in grievances. Read More

CFPB Signals Intention to Probe Forbearance Disparity

One industry analyst sounded a note of caution. Jaret Seiberg of Cowen believes the CFPB will investigate whether minority borrowers have been offered forbearance at the same rate as white consumers. Read More

Trade Groups Seek Full Court Hearing of FDCPA Case

Roughly 150 new cases have been filed under the FDCPA since a three-judge panel of the 11th Circuit Court of Appeals found that debt collectors’ use of letter vendors violates the law. Read More

Denial Rates for FHA Loans Highest Among Loan Types in 2020

HMDA data indicates that the debt-to-income ratio was the top denial reason for both purchase loans and refis last year. (Includes two data charts.) Read More

CFPB Worries About Potential Violation of TILA Restriction

The bureau has filed an amicus brief in support of a HELOC borrower’s claim that the Truth in Lending Act’s arbitration restriction applies not only to the mortgage documents but related agreements as well. Read More

CFPB Says There’s No Hurry, But GSEs Adopt New QM Rule

Fannie Mae and Freddie Mac made it clear they will only purchase mortgages with application dates of July 1 and beyond that meet the CFPB’s new standards for qualified mortgages. Read More

Another Trip to the Supreme Court for Seila Law?

Seila Law won a stay on the CFPB’s civil investigative demand pending its filing of a petition for a writ of certiorari in the Supreme Court. Read More

CSBS Seeks Feedback on Proposed Licensing for MSBs

The CSBS is looking to create national licensing requirements for money service businesses. Read More

CFPB Fines DriverLoan for Deceptive Deposit and Loan Products

The company and its CEO agreed to refund about $1 million in deposits to harmed consumers and pay $100,000 in civil penalties. Read More

MH Loans Cost More and Offer Weaker Consumer Protection

Some 42% of MH-purchase loans represent “chattel” financing, where the loan is secured by the structure, not the underlying land. Read More

Other News in Brief

The bureau to lose two of its top executives; new FAQs on escrow accounts; Texas amends provisions for wrap mortgages; Washington amends Foreclosure Fairness Act; New York extends emergency moratorium on evictions and foreclosures. Read More

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