The latest CFPB supervisory highlights report found violations in mortgage servicers’ handling of forbearance under the CARES Act, which examiners said amount to unfair or deceptive acts or practices.
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The CFPB needs to ensure its staff know when to issue a consumer compliance rating to nonbanks and the criteria for selecting the examination. Also, the bureau needs to expand its examination workforce.
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State attorneys general could be leading the conversation on enforcement of consumer financial protection laws moving forward, according to compliance attorneys.
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The CFPB’s near-term regulatory priorities include small business loan data collection, automated valuation models, consumer financial data access and PACE financing rules.
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The guidance will ease fears of over-stepping discrimination provisions for lenders interested in starting SPCPs, which various stakeholders believe hold promise in addressing racial homeownership gaps.
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The CFPB has finalized a rule requiring open- and closed-end creditors to transition to a new index. The rule goes into effect on April 1 and provides examples of indices that are acceptable.
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The usually discreet FDIC board has seen a procedural disagreement turn into news, with members of Congress weighing in. The argument is falling along partisan lines.
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Access Funding fined for misleading consumers; appellate court denies CFPB’s rehearing request; CFPB whistleblower webpage updated; New York attorney general eyeing servicer violations.
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