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Inside the CFPB

August 7, 2023

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Credit Reporting Complaints Continue to Climb

Consumer complaints filed with the CFPB regarding credit reporting were sharply up in the six months ending June from a year ago. Criticisms about mortgages and student loans saw declines. (Includes two data charts.) Read More

Communication, Tech Key for Mortgage Servicers

An analyst at J.D. Power said servicers must proactively communicate with borrowers and offer digital channels through which consumers can easily find solutions to their problems. Read More

Texas Court Issues Limited Injunction on Section 1071

The temporary injunction halting the implementation of the Section 1071 final rule applies only to members of the American Bankers Association and the Texas Bankers Association. Read More

Some Nonbanks Voluntarily Accept CFPB Oversight

The CFPB said several nonbanks that have come under its oversight following a procedural rule issued in November 2022 are cooperating with the agency to iron out compliance problems before it’s too late. Read More

Mortgage Lenders Favor ATR Standards for PACE Loans

A CFPB proposal to set ability-to-repay requirements for PACE lending has support from mortgage lenders. However, PACE lenders and eight Republican state attorneys general have warned the proposal would lead to the end of PACE lending. Read More

Senate Hears Divided Opinions on Junk Fees

A recent Senate subcommittee hearing on the CFPB’s efforts to rein in junk fees was deeply divided along partisan lines. Also, a former CFPB deputy director panned the administration’s work around junk fees. Read More

CFPB Sues Auto Servicer for Illegal Repossessions

The CFPB has accused USASF Servicing of illegally disabling consumers’ vehicles, failure to refund premiums, double-billing and incorrect repossessions. Read More

Other News in Brief

CFPB won’t appeal Ocwen judgment; former CFPB senior counsel launches law firm; new appraisal standards will be available in print as well as digital format. Read More

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