Consumer complaints regarding credit reports and student loans dramatically increased in 2022. Meanwhile, gripes about mortgages and debt collection declined. (Includes two data charts.)
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The CFPB sued Chicago-based Townstone Financial in 2020, alleging that statements made on its radio show discouraged Black prospective applicants from applying for mortgage loans.
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Lenders looking to boost mortgage originations with marketing services agreements need to heed RESPA standards, according to compliance attorneys.
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The appeals court, agreeing with a district court, tossed out a putative class action against Denver-based Specialized Loan Servicing, noting that the subservicer’s credit reporting was accurate and in compliance with fair lending laws.
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The CFPB proposal includes lowering the safe-harbor late fees companies can charge consumers and seeks to eliminate automatic annual inflation adjustment of the safe harbor.
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The Ninth Circuit Court of Appeals vacated and remanded a district court order that sided with the CFPB over mortgage payment company Nationwide Biweekly Administration.
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CFPB Director Rohit Chopra reiterated his long-held argument that automation alone cannot remove bias from home appraisals. Others discussed actions to address appraisal bias.
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