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Inside the CFPB

November 8, 2021

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New CFPB Director Puts ‘Repeat Offenders’ on Notice

In his first testimony to Congress as CFPB director, Rohit Chopra took aim at the agency he inherited, particularly the idea that larger firms get away without proportional punishment compared to smaller ones. Read More

Mortgage-Related Complaints Fall Across the Board in 3Q

Mortgage-related gripes to the CFPB declined by 14% in the third quarter. Loan mods showed the weakest improvement, with complaints down 5%. (Includes two data charts.) Read More

CFPB, Courts Will Clarify Abusiveness Standards

Not happy with the policy statement on abusiveness issued by his predecessor, the bureau’s new director said he wants to create a durable jurisprudence on the meaning of abusiveness. Read More

Rohit Chopra Mum on Potential Changes to QM Rule

The CFPB’s new director showed an interest in the question of qualified mortgage standards, but gave no indication as to whether the rule would see significant changes in the coming months. Read More

CFPB’s Guidance on Debt Collection Causing Confusion

Industry attorneys believe new guidance issued by the CFPB on the debt collection rule that takes effect at the end of the month could end up causing more stress for servicers. Read More

New Report Highlights Challenges for Servicing of Student Loans

On Feb.1, 2022, more than 32 million student loan borrowers will enter repayment for the first time in nearly two years. Read More

‘Algorithmic Redlining’ a Focus in Fair Lending Enforcement

In congressional hearings, CFPB Director Rohit Chopra doubled down on his concerns about “algorithmic redlining,” indicating that lenders can expect more robust enforcement on the practice. Read More

CFPB Paying Close Attention to Servicers’ Foreclosure Actions

The CFPB reiterated that, as COVID-19-related forbearance protections expire, it will be keeping close watch on servicers’ actions. Read More

CFPB Eyeing Big Tech, Payments and Crypto

CFPB Director Rohit Chopra raised concerns about how big technology companies operate their payments platforms. The regulator is also looking into risks posed by cryptocurrency. Read More

Other News in Brief

New York to apply CRA standards to nonbanks; CFPB announces 2022 regulatory thresholds under TILA; CFPB issues advisory opinion on mistaken identity matching. Read More

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