The Consumer Financial Protection Bureau’s Section 1071 requires financial institutions to collect and report data from credit applications made by small businesses. The CFPB finalized a rule to create a …
Tag: Consumer Financial Protection Bureau
Industry Briefs: FHFA Requests Input on GSEs’ Single-Family Pricing Framework
The Federal Housing Finance Agency issued a Request for Input on Fannie Mae and Freddie Mac’s single-family pricing framework. The RFI solicits public feedback on goals and policy priorities that FHFA should pursue in its oversight of the pricing framework.
CFPB Proposes New PACE Financing Rules
The Consumer Financial Protection Bureau on Monday proposed a rule to implement a congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.
CFPB Issues Guidance on ‘Zombie’ Mortgage Illegal Collection Tactics
The Consumer Financial Protection Bureau on Wednesday issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations.
CFPB, Federal Agencies Warn of AI Bias Risks
The Consumer Financial Protection Bureau and three other federal agencies on Tuesday issued a joint statement cautioning financial firms that use of artificial intelligence could increase risk of bias and civil rights violations.
MBA Amicus Brief: Lenders Not Liable for Actions of Independent Appraisers
The Mortgage Bankers Association on Friday filed an amicus brief in litigation in response to a statement of interest filed by the Consumer Financial Protection Bureau and Department of Justice examining the liability standard that would apply to lenders for the acts of independent, third-party appraisers.
MBA Urges CFPB to Withdraw Nonbank Registry Proposal
The Mortgage Bankers Association, in its second letter to the Consumer Financial Protection Bureau, urged the Bureau to withdraw a proposal requiring nonbanks to register and report their use of certain terms and conditions in form contracts for consumer financial products and services.
CFPB Releases Final Rule on Small Business Loan Reporting
The Consumer Financial Protection Bureau on Thursday issued a final rule that would require some lenders to collect and report information about small business credit applications they receive, including geographic/demographic data, lending decisions and the price of credit.
CFPB Releases 2022 HMDA Data
The Consumer Financial Protection Bureau on Monday made Home Mortgage Disclosure Act Modified Loan Application Register data for 2022 available through the Federal Financial Institutions Examination Council’s HMDA Platform for more than 4,000 HMDA filers.
Government Roundup: FHA Publishes 40-Year Loan Mod Final Rule; CFPB Targets ‘Junk Fees’
In this week’s Government Roundup, FHA published a final rule that would permit 40-year terms for loan modifications; and the Consumer Financial Protection Bureau released a special edition of its Supervisory Highlights targeting allegedly unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student and payday lending.