Enforcement actions

1st Alliance Lending CEO John DiIorio explains why the mortgage lender turned down a consent order with the Connecticut Department of Banking and the high cost of fighting what he sees as an overreach of regulators' enforcement power.

In her New Year’s message, CFPB Director Kathy Kraninger called on the agency to ensure that consumers are treated fairly and that “the marketplace is innovating.”

The cost of Wells Fargo's scandals continues to rise as regulators from all 50 states forced the institution to pay hundreds of millions in penalties for the creation of fake accounts, improper enrollment in life insurance, force-placed auto insurance policies and other activities.

The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.

The CFPB ordered Village Capital & Investment in Henderson, Nev., to issue refunds and pay a penalty for allegedly misrepresenting the cost savings in a refi product.

Regulators typically write rules before applying them. But the CFPB is attempting the reverse.

The federal agencies said in a recent statement that “guidance does not have the force and effect of law,” but two trade groups say that standard should be more binding.

Protecting consumers from intrusive cold calls and fax-spamming is having adverse effects on the mortgage industry as the Federal Communications Commission fails to reasonably interpret language under the Telephone Consumer Protection Act, according to the Mortgage Bankers Association.

Hope Hardison, Wells Fargo's chief administrative officer since 2015, and David Julian, its chief auditor since 2012, have both been removed from the bank's operating committee and begun leaves of absence in the latest fallout from the bank's phony-accounts scandal.

Senate Democrats on Wednesday called for acting CFPB Director Mick Mulvaney to reveal the vetting process that led to the hiring of a political appointee whose past incendiary writings have caused an uproar at the agency.

The head of the National Treasury Employees Union said the appointment of Eric Blankenstein to a senior role “reflects poorly on CFPB management.”

Eric Blankenstein, a political appointee overseeing fair-lending policy at the agency, said in an email to staff that his blog posts from 14 years ago that used a racial epithet “reflected poor judgment.”

What started as a single senior official at the CFPB voicing concerns about blog posts written 14 years ago by Eric Blankenstein, a top agency political appointee, is rapidly becoming a rising chorus of discontent.

The head of the agency’s fair-lending office cast doubt on a proposed reorganization of her office and raised concerns about blog posts written years ago by the political appointee overseeing the project.

The Fed's order targets affidavits prepared by employees of CitiFinancial in connection with the company's exiting the mortgage servicing business.

Kraninger, a senior official at the Office of Management and Budget, has been heavily criticized by Democrats on the panel over her ties to the administration's family-separation policy at the border.

A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers.

An uptick in fines and a new tactic to counter claims about the CFPB’s authority contrast sharply with the agency’s rhetoric.

The agency will advise lenders on how to obtain partial exemptions from Home Mortgage Disclosure Act requirements that Congress adopted this spring.

The Consumer Financial Protection Bureau's structure is an infringement on the authority of the executive branch, a New York federal judge said Thursday.