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Inside the CFPB

May 9, 2022

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Consumer Complaints Surge in the First Quarter of 2022

Complaints filed with the CFPB saw sharp sequential increases across all categories in the first quarter. However, gripes related to mortgages, debt collection and money transfers declined on an annual basis. (Includes two data charts.) Read More

Chopra Testifies on 1071, Overdrafts, Other Issues

In two recent hearings, CFPB Director Rohit Chopra addressed concerns around the Section 1071 rulemaking, the bureau’s junk fees inquiry and other issues. Read More

Banking Regulators Propose Revisions to CRA Standards

The proposed rule would greatly expand the assessment areas under CRA to include activities associated with online and mobile banking, branchless banking and hybrid models. Read More

CFPB Expanding its Reach Among Nonbank Entities

The bureau is invoking its largely unused authority to examine nonbanks when it believes they are engaging in risky conduct that could harm consumers. Read More

Denial Rate for Conventional-Conforming Refis Up in 2021

The rejection rate on the total number of applications for conventional-conforming mortgages increased to 11.5% in 2021. (Includes data chart.) Read More

MBA Questions CFPB Authority to Seek Privileged Information

The Mortgage Bankers Association said it has become aware of bureau examiners aggressively demanding privileged attorney-client information from nonbanks. Read More

Supervisory Report Finds Reg. Z Lending Violations

Mortgage originators appeared to have been lax in adhering to lending practices under Regulation Z, the latest CFPB supervisory highlights report reveals. Read More

Bank of America Fined $10M for Illegal Garnishments

The megabank is also required to refund at least $592,000 in garnishment-related fees to harmed consumers, reform its system for processing garnishments and update language in contracts with consumers. Read More

Other News in Brief

The CFPB bans student loan debt relief firm; FDIC fines Magnolia Bank; court allows enforcement against payday lender to proceed. Read More

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