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Inside the CFPB

February 28, 2022

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CFPB Broadens Public Access to its Rulemaking Process

The CFPB has issued a detailed process for submission of rulemaking petitions by members of the public. The move is aimed at increasing transparency and curtailing lobbying by former government employees. Read More

CFPB Revises In-House Enforcement Proceedings

The change signals that the CFPB may start bringing more enforcement cases in-house, with the bureau director deciding what does and does not violate the law, according to Mayer Brown attorneys. Read More

CFPB Begins Efforts Toward Rulemaking Covering AVMs

Without proper safeguards, the bureau warned, flawed versions of automated valuation models could “digitally redline certain neighborhoods and further embed and perpetuate historical lending disparities.” Read More

‘One Company, One Exam’ Pilot off to a Rocky Start

Rocket Mortgage, the nation’s largest overall lender and the very first participant in the pilot, said the examination process was an “overwhelming” and “exhausting” experience. Read More

CRA Bill Covering Nonbanks Introduced in California

The bill would impose a Community Reinvestment Act-like framework for evaluating the performance of financial institutions in meeting the needs of the communities they serve. Read More

OCC Climate Principles Draw General Agreement

Both industry and consumer groups welcomed OCC’s principle-based approach to large banks’ management of climate-related financial risk. Most of the feedback focused on scenario analysis related to climate-related risks. Read More

DOJ Supports Appraisal Bias Case Under Fair Housing Act

The DOJ said its support of the Fair Housing Act lawsuit underscores the Biden administration’s seriousness in addressing ongoing legacies of residential segregation and discrimination. Read More

Judge Sides with BofA in Discriminatory Lending Case

Illinois District Court Judge Elaine Bucklo found that the plaintiff had no evidence that Bank of America had engaged in an equity-stripping scheme, much less one that targeted minority borrowers. Read More

Other News in Brief

Auto lending practices under scrutiny; fair lending testing bill; CBA wants CFPB to examine small fintechs; court grants interlocutory review of NCSLT-CFPB decision; EFTA compliance bulletin; interagency letter on unmet credit needs; comment on FTC settlement; PSLF waivers. Read More

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