The CFPB’s latest regulatory agenda includes some pending priorities and some new ones. Two of the new items would require nonbanks to register with the bureau.
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The New York Foreclosure Abuse Prevention Act reverses a court ruling that said the voluntary discontinuance of a foreclosure revoked the acceleration of a mortgage loan and its six-year statute of limitations.
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For lenders trying to make bank statement loans that qualify as QMs, a little-noticed addition to a Regulation Z commentary could create uncertainty around whether they’ve properly verified the borrower’s income.
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The CFPB is facing criticism from attorneys over its unusually late issuance of annually updated thresholds in Regulation Z’s provisions implementing various laws and rules.
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The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
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Industry trade groups said the bureau’s proposal lacks both a meaningful opportunity for comment and context. Consumer advocates, though, argued that a dataset is necessary and said it should focus primarily on consumer experiences.
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During recent congressional hearings, CFPB Director Rohit Chopra said the bureau is weighing whether to issue more credit reporting rules under the Fair Credit Reporting Act.
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State AGs weigh in on CFPB’s Supreme Court appeal; HMDA filing period opens; Community Reinvestment Act thresholds updated; CFPB asks for dismissal of UDAAP lawsuit; CFPB, FTC argue furnishers must investigate legal disputes; bureau penalizes remittances provider.
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Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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