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Inside the CFPB

August 15, 2022

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Mortgage-Related Complaints Decline in Second Quarter

Complaints to the CFPB about mortgages decreased in the second quarter, with gripes tied to originations slowing faster than servicing issues. Mr. Cooper remained the mortgage company with the most complaints. (Includes two data charts.) Read More

MD, CT First States to Enact CSBS Model Prudential Standards

The first two states to adopt the CSBS’ model standards for nonbank mortgage servicers diverged in some ways from the model. Read More

Credit Repair Firms Faulted for Soaring Complaints

The head of the Consumer Data Industry Association said in an interview that the rapidly rising complaint count is due to “exogenous” factors. The trend will continue, he said, short of policy action to fix the issue. Read More

Refinements Sought for MLO Transition Standards

Kaitlyn Cherry, licensing director and corporate counsel at Guild Mortgage, called for the creation of a temporary authority sponsorship acceptance period, among other improvements. Read More

Banks Ask CFPB to Supervise Nonbank Data Aggregators

Trade groups representing banks used the bureau’s new petition process to ask the regulator to ensure nonbank data aggregators are supervised under the pending Section 1033 rulemaking. Read More

Banks Defend Credit Card Late Fees as Advocates Request Decreases

In comments to the CFPB, consumer advocates argued credit card late fees were too high and harmed poorer consumers more. Bank trade associations said the fees are necessary to help issuers pay for their costs and an effective tool to foster healthy financial behaviors among consumers. Read More

Fed Supervisors Outline M&A Compliance Risks

Federal Reserve investigation and oversight staffers shared advice for compliance staff at firms pursuing mergers and acquisitions. Read More

Other News in Brief

Interpretive rule outlines digital marketer liability; CFPB fines “no overdraft” fintech for overdrafts; senators followup on CFPB’s U.S. Bank enforcement; bureau warns of consumer commerce data misuse; VantageScore stops reporting medical debt; NMLS seeks disclosure question feedback. Read More

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