The Consumer Financial Protection Bureau (CFPB) issued a release on March 16, 2022, announcing modifications to its supervisory operations that expand its monitoring of discriminatory lending and servicing practices. The CFPB stated that it “will scrutinize discriminatory conduct that violates the federal prohibition against unfair practices” at banks and non-bank companies across the U.S. The [...]
On March 31, 2021, the Consumer Financial Protection Bureau (CFPB) rescinded seven recent policy statements and one bulletin in an effort to ensure compliance with consumer protection laws and reinforce its supervisory and enforcement authority. These rescissions went into effect April 1, 2021. The policy statements were designed to provide flexibility to financial institutions that faced [...]
On April 6, 2020, a white paper on the effects of the coronavirus pandemic was published publicly and addressed to the current director of the Consumer Financial Protection Bureau (CFPB, the Bureau), Kathleen Kraninger. This white paper – authored by Richard Cordray (former CFPB director), Diane Thompson (former CFPB deputy assistant director of regulations) and [...]
Last week, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) seeking information on the costs and benefits of reporting certain data points under HMDA and a Notice of Proposed Rulemaking (NPRM), wherein the proposal would raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under [...]
On April 29, 2019, the Department of Financial Services for the state of New York (NYFDS) formally announced the launch of the Consumer Protection and Financial Enforcement Division (CPFED) by appointing Katherine Lemire as its Executive Deputy Superintendent. According to the press release, the CPFED: “…is responsible for protecting and educating consumers and fighting consumer [...]
