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Inside the CFPB

September 27, 2021

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CFPB to Review Servicers as COVID Forbearance Periods End

The federal regulator will continue to take a close look at mortgage servicers’ actions as a wave of distressed borrowers nears the end of their pandemic-related forbearance programs. Read More

Senate Nears Vote to Confirm Chopra as CFPB Director

Rohit Chopra was nominated in February to serve as the CFPB’s director. However, a final vote on his appointment has been delayed in the Senate for several months due to concerns about the leadership of the Federal Trade Commission, where Chopra is currently a member. Read More

FHFA Restrictions on GSEs’ Use of QM Patch Continue

The industry was hoping the FHFA and the Treasury Department would roll back the restriction placed on the GSEs’ use of the qualified mortgage patch. Read More

Renters Have More to Lose as COVID-Related Reliefs End

According to CFPB researchers, renters typically face more financial vulnerability than homeowners and hence had more to gain from some pandemic relief efforts than mortgagors. Read More

CFPB Uses New Enforcement Tactic Against Credit Repair Firms

Rather than going after credit repair companies for violating the Telemarketing Sales Rule, the CFPB filed a lawsuit against a software company and its owner for aiding credit repair companies. Read More

Income Share Agreements Are Loans, Says CFPB

The CFPB has made it clear that it’s not buying income share agreement providers’ argument that their products are not loans and hence they don’t have to comply with consumer protection laws. Read More

Court Reinstates Property Inspection Fees Lawsuit

Reinstating a class action, Maryland’s Court of Appeals noted that the limitation placed on a lender from charging property inspection fees under the state’s usury law also applies to assignees of the mortgage. Read More

NYDFS Takes Notice of Bias Against Same-Sex Borrowers

The state regulator is taking notice of disparities in mortgage approvals and denials and terms of mortgage credit between same-sex and opposite-sex pairs. Read More

Other News in Brief

Senate bill seeks to reward whistleblowers; CFPB examines complaints based on census tracts; new members appointed to CFPB advisory boards and councils. Read More

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