Mortgage-related complaints filed with the CFPB grew by 41.2% to 7,016 in the first quarter of 2023. Servicing-related complaints were the largest group, largely due to issues in the payment process. (Includes two data charts.)
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The policy statement outlining prohibition on abusive acts and practices subjectively expands the bureau’s authority and could impact conduct permitted by safe harbors in federal consumer protection laws, according to industry attorneys.
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The federal agency found instances of illegal mortgage loan referrals and redlining during supervisory examinations of financial institutions.
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Rep. Patrick McHenry, R-NC, has threatened to use the Congressional Review Act to prevent implementation of the CFPB’s new reporting requirements on small business lending.
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The Equal Credit Opportunity Act includes an affirmative obligation to continually search for whether any adverse impacts from a model can be mitigated by a less discriminatory alternative.
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The CFPB is facing management challenges in reforming its information security practices, workforce support programs and in embracing new technology and skills in supervisory and enforcement activities.
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