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Inside the CFPB

September 13, 2021

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CFPB Proposes Data Collection Rule on Small Business Lending

More than 10 years after a mandate in the Dodd-Frank Act, the CFPB proposed data collection requirements for small business lending. The proposal could impact around 5,000 lenders. Read More

Small Business Lending Data Proposal Gets Mixed Reaction

Consumer advocates are largely pleased with the proposal while lenders sounded alarms. The CFPB acknowledged that the data collection will prompt significant costs. Read More

Texas Court Paves the Way for Payday Lending Rule

The payment provisions under the payday lending rule will become effective June 13, 2022. Attorneys suggest lenders with products covered under the small dollar rule begin revising policies and procedures. Read More

CFPB Lifts Consent Order Put on Wells Fargo in 2016

Wells Fargo’s problems with the CFPB are now in the rear-view mirror, but the megabank has considerable OCC exposure. For starters, it cannot buy mortgage servicing rights. Read More

DOJ, OCC Go After Lender for Redlining Practices

A recent coordinated action by the DOJ and OCC against an Atlanta-based mortgage lender for redlining practices appears to be a harbinger of things to come under the Biden administration. Read More

CA Lender Targeted by CFPB Stops Originating Loans

Sanctioned once before by the CFPB, it could be the end of the line for an Oakland-based payday lender that caters to employees of the military. Read More

Court Approves $1.3 Million Settlement in Kickback Case

The settlement would end a class action filed against Sierra Pacific Mortgage for allegedly receiving illegal payments in exchange for referrals of title work. Read More

Georgia Leads Consumer Gripes Filed with CFPB

Georgia residents submitted 825.2 complaints per million people against financial service providers in the second quarter of 2021. (Includes data chart.) Read More

Other News in Brief

Chopra’s CFPB appointment gets closer; John Coleman joins private sector; OCC officially proposes rescinding its 2020 CRA rule; CFPB releases filing instructions for 2022 HMDA data collections. Read More

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