CFPB Director Rohit Chopra was accused of partisan regulatory management by Republican lawmakers during recent congressional hearings. But the bureau’s proposed personal financial data rights rule found praise.
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The bureau had accused Bank of America of submitting false information related to collection and reporting of mortgage applicants’ race, ethnicity and gender under the Home Mortgage Disclosure Act.
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Republican lawmakers in the House and Senate pushed CFPB Director Rohit Chopra to share more information on a data breach at the bureau earlier this year. Members of both parties also urged Chopra to engage more with state-level banking trade groups.
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A new working paper found that racial disparities in applications for home equity loan, home equity lines of credit and cash-out refinances between 2018 and 2021 were significantly larger than those for purchases and rate-term refinances.
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A district court recently held that the Real Estate Settlement Procedures Act’s treble damages provision applies only to the amount charged for title and settlement services due to illegal kickbacks.
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The Richmond, VA-based bank has agreed to pay $6.2 million to settle charges that its employees failed to acquire consumers’ affirmative consent before enrolling them in an overdraft protection service.
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Industry wants the CFPB to include an advanced notice of proposed rulemaking step in its Fair Credit Reporting Act rulemaking restricting the sale of consumer data by credit reporting companies.
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Concerns over AI; the CFPB files comments on California DFPI’s proposed registration and examination of income-based advance providers; the CFPB ombudsman annual report; rulemaking on junk fees in Massachusetts; income share agreement provider settles with CFPB.
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