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Inside the CFPB

April 11, 2022

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California Nonbank CRA Bill Scaled Back, for Now

A controversial bill that would have included an explicit consideration of race and ethnicity in performance evaluations has been dramatically altered. Trade associations representing lenders are taking the credit. Read More

Chopra Suggests Tighter Measures to Stop Recidivism

The CFPB plans to launch dedicated units within its supervision and enforcement division to enhance detection of repeat offenders and to better hold them accountable. Read More

CFPB Seeks Broad Standards For Responses to QWRs

The argument comes in an amicus brief submitted by the bureau in a class-action lawsuit against Wells Fargo for its mortgage servicing practices. Read More

NY Bill Seeks Change to Statute Of Limitations on Foreclosures

The Foreclosure Abuse Prevention Act, if passed, would mean a servicer’s voluntarily halting of foreclosure litigation wouldn’t cancel the loan’s “acceleration.” Read More

CFPB Eyeing ‘Runarounds’ In Responses to Complaints

The bureau is keeping an eye out for companies that don’t provide meaningful responses to consumer complaints. Read More

Ocwen Gets Relief; Court Clarifies Consent Order

A federal appeals court remanded the case to a district court to first determine which counts of a CFPB complaint against Ocwen are barred by the 2014 consent judgment between the two parties. Read More

CFPB Urged to Get Involved In Oversight of BNPL Activity

Trade associations for banks and nonbank lenders, as well as consumer advocates, pressed for much more regulation of the emerging buy now, pay later sector. Read More

Waters’ Draft Bill Takes a Stab at Appraisal Reform

The “discussion draft” from Rep. Maxine Waters, D-CA, seeks to establish a federal valuation agency, which would take over The Appraisal Foundation’s role in setting valuation standards and appraiser criteria. Read More

Other News in Brief

CFPB sanctions Edfinancial; proposed rule on human trafficking and credit reporting; CFPB could play a role in digital U.S. dollars; FDIC seeks comments on bank mergers; FDIC supervisory highlights; bill would broaden CFPB’s small business oversight; medical debt; OMWI report; payday loans. Read More

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