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Inside the CFPB

August 1, 2022

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Consumer Complaints Continue Record-Breaking Spree in 2Q22

Consumer gripes filed with the CFPB increased 15.5% from the first to the second quarter, according to a new analysis. Complaints about credit reports accounted for more than three-fourths of the total. (Includes two data charts.) Read More

CFPB, DOJ Crack Down on Nonbank Over Redlining

The CFPB and DOJ filed a complaint and proposed consent order against Trident Mortgage for allegedly discouraging consumers in Philadelphia’s majority-minority neighborhoods from applying for credit. Read More

Including Purchased Loans in CRA Test Doesn’t Boost LMI Credit

A Federal Reserve study evaluated if giving Community Reinvestment Act credit for purchasing loans benefits LMI credit availability, finding that it creates more loan purchases but not more originations. Read More

‘Major Question Doctrine’ Might Constrain CFPB Authorities

A recent Supreme Court decision invoking the “major question doctrine” to limit a federal regulator’s authority to interpret statute could have a major impact on other federal agencies, including the CFPB. Read More

Servicers Seek Clarity on CFPB’s Expectations

An executive at tech vendor Stavvy said the CFPB, instead of acknowledging the work done by servicers during the pandemic, was focusing on one or two servicers whose response time may have lagged. Read More

TILA-Required Statements Covered by FDCPA, Appeals Court Says

An appeals court has ruled that monthly statements attempting to induce payment on a debt are covered by both the Truth in Lending Act and Fair Debt Collection Practices Act. Read More

CFPB Critical of Tweaks in Medical Debt Reporting

While changes to medical debt reporting should cut the number of medical collections tradelines on consumer reports by two-thirds, most of the dollar amount of medical debt is likely to persist, the CFPB found. Read More

Other News in Brief

U.S. Bank fined; debt collection FAQs updated; auto lenders reminded of military family protections; NFHA fights BofA’s attempt to dismiss discrimination case; CFPB to require banks to refund money transfer scam victims; Rep. McHenry criticizes alternative data mortgage bill; House Republicans request documents on state AG-CFPB relationships. Read More

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