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.