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Inside the CFPB

June 21, 2022

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Trade Groups Pan CFPB Role in Bank Merger Reviews

Industry trade groups said a separate role for the CFPB when it comes to reviewing bank mergers was unnecessary and would be outside of the bureau’s authority. Read More

Appeals Circuit Rejects Dismissal of FDCPA Claim

Monthly mortgage statements that contain language suggesting they are attempts to induce payment on a debt can be construed as a debt-related communication under the Fair Debt Collections Practices Act. Read More

CFPB Terminates Upstart No-Action Letter on Request

The fintech said the move was motivated by a need to keep its risk models accurate and due to changing priorities at the bureau. Read More

Bureau Seeks Public Input on Employer-Driven Debt

The CFPB wants to know if employees have a real choice when such products show up in the course of their work, and whether such debt prevents them from seeking better-paying employment. Read More

Study Finds Enforcement Actions Boost Minority Lending

Banks significantly increase residential lending to minority borrowers after enforcement decisions and orders, according to a new study by economists at the Federal Reserve. Read More

Study: Controlling for Credit Factors Doesn’t Eliminate Disparities

Researchers looking at application denial rates and interest rates found that racial disparities exist for both Black and Hispanic borrowers even when controlling for various credit factors. Read More

Court Says Proof of Kickback Scheme Enough for RESPA Claim

The defendant, a Baltimore-based bank, argued that the plaintiffs had no standing because they couldn’t prove the kickback scheme was tied to increased settlement costs. Read More

Other News in Brief

Guidance on convenience fees; servicemember debt collection issues; military allotment misuse; BNPL furnishing; CFPB issues RFI on large banks’ customer service practices. Read More

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