The Consumer Financial Protection Bureau announced today that its first symposium will be held on June 25 at 9 am.
Today the President signed into law a bipartisan Congressional resolution disapproving a rule that was in the form of guidance issued by the Bureau of Consumer Financial Protection (Bureau) about indirect auto lender compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation.
CFPB Amends Rules to Provide Flexibility and Clarity to Certain Mortgage Lenders in Collecting Information
Bureau Also Seeks Public Comment on Proposal for Disclosure of Mortgage Data
CFPB and American Express Reach Resolution to Address Discriminatory Card Terms in Puerto Rico and U.S. Territories
Consumers Harmed By Inferior Card Terms, Including Higher Interest Rates, Stricter Credit Cutoffs, and Less Debt Forgiveness, Receive Over $95 Million in Redress
Consumer Financial Protection Bureau And Department Of Justice Action Requires Bancorpsouth To Pay $10.6 Million To Address Discriminatory Mortgage Lending Practices
BancorpSouth Illegally Denied African-American Consumers Fair and Equal Access to Mortgages.
The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new regulations include those on appraisals, escrow accounts, and compensation and qualifications for loan originators.
Potentially discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year, and the bulletin provides guidance to indirect auto lenders within the CFPB’s jurisdiction on how to address fair lending risk.
Consumer Financial Protection Bureau and Justice Department pledge to work together to protect consumers from credit discrimination
“Today’s agreement is a critical step to better protecting consumers from illegal and discriminatory lending practices. We look forward to continuing our partnership with the Justice Department under this new framework.”