On Friday, a District Court in Chicago ruled in CFPB v. Townstone Financial Inc. and Barry Sturner that the Equal Credit Opportunity Act does not extend to prospective applicants under a plain language reading of the statute.
Tag: Consumer Financial Protection Bureau
Breaking MBA Advocacy Update: CFPB Loses Key IMB Redlining Case
On Friday, a District Court in Chicago ruled in CFPB v. Townstone Financial Inc. and Barry Sturner that the Equal Credit Opportunity Act does not extend to prospective applicants under a plain language reading of the statute.
Industry Briefs Jan. 31, 2023: Revolution Mortgage Partners with Silverwork Solutions
Silverwork Solutions, Chicago, a developer of digital workforce BOTs, announced a partnership with Revolution Mortgage, Columbus, Ohio.
CFPB Proposes Rule to Establish Public Registry on Contracts Limiting Consumer Protections
The Consumer Financial Protection Bureau on Wednesday issued a proposed rule to establish a public registry of supervised nonbanks’ terms and conditions in “take it or leave it” form contracts that claim to waive or limit consumer rights and protections, such as bankruptcy rights, liability amounts or complaint rights.
CFPB: Annual Report on Credit Reporting Companies Cites ‘Ongoing Challenges’
The Consumer Financial Protection Bureau on Tuesday issued its annual report on the industry’s three largest credit reporting companies, based on nearly a half-million complaints it received about TransUnion, Equifax and Experian.
Industry Briefs Dec. 22, 2022: Guild Mortgage Launches Payment Advantage Program
Guild Mortgage, San Diego, introduced Payment Advantage, a new conventional loan program to help homebuyers save on their payments as rates continue to rise.
Industry Briefs Dec. 14, 2022: CFPB Proposes Registry to Detect ‘Repeat Offenders’
The Consumer Financial Protection Bureau proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state or federal consumer financial protection agency or court orders.
Industry Briefs Dec. 9, 2022: ACES Quality Management Announces Upgrades
ACES Quality Management, Denver, enhanced its proprietary ACES CONNECT portal to extend its flexibility and user control capabilities.
CFPB Provides Guidance on HMDA Loan Reporting Threshold
The Consumer Financial Protection Bureau said it does not intend to “initiate enforcement actions or cite Home Mortgage Disclosure Act violations for failures to report closed-end mortgage data collected in 2022, 2021 and 2020” for covered institutions that originated at least 25 closed-end loans, but less than 100 closed-end loans in each of the previous two calendar years.
Industry Briefs Nov. 18, 2022: Revvin Releases HELOC-Ready Workflows
Revvin, Chicago, released a set of HELOC-specific workflows that make it easier for lenders to attract home equity line of credit applicants and gather the required information for delivery to the lender’s LOS.