Enforcement

Consumer Financial Protection Bureau Director Rohit Chopra said the action would "close the book" on the agency's investigation into the Sallie Mae spinout.

Last year, the CFPB referred 18 matters to the Department of Justice and initiated 28 fair lending examinations or targeted reviews, the highest number of such actions by the agency ever.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.

An ex-SVP and two managers from Primelending are facing a $35,000 fine for allegedly violating whistleblower protections, and the company is adding training.

The Consumer Financial Protection Bureau alleged in a lawsuit that the nonbank lender violated a 2019 consent order and submitted incorrect information in 2020.

The Consumer Financial Protection Bureau plans to hire 75 employees in its enforcement division as it boosts investigations against "large market actors," according to an internal email obtained by American Banker.

The Premier Agent program regarding leads, scrutinized in the lawsuit, accounts for the majority of the company's annual revenue.

The Justice Department, Consumer Financial Protection Bureau and three state attorneys general alleged that Trident Mortgage, a lender owned by Berkshire Hathaway, engaged in redlining and discrimination in the Philadelphia area.

The credit reporting agency is trying to get a CFPB lawsuit dismissed by claiming the consumer bureau didn’t sign off on a 2017 consent order for the same violations.

Last week, the world of mortgage servicing got an unpleasant surprise. Cenlar FSB, the nation’s largest subservicer of residential mortgages, was hit with a consent order by the Office of the Comptroller of the Currency alleging “unsafe and unsound” banking practices.

The agency said the risk management program for Cenlar FSB, which performs servicing functions for financial institution clients, was inadequate for the bank's size.

The Department of Housing and Urban Development and Federal Housing Finance Agency, which supervises Fannie Mae and Freddie Mac, formed a pact to share information and coordinate investigations of potential fair-lending violations.

A three-judge panel determined that a lower-court ruling against two law firms specializing in mortgage repair had used the wrong measure to calculate restitution.

Under the agreement with New York Department of Financial Services, the company will promote the purchase of homes in historically disadvantaged communities in the northern part of the state.

The scheme's victims included an elderly woman and a local title agency that lost $230,000 in the fraudulent property transfer.

While the company did notify the public and regulators in May 2019, executives were not aware at the time that there was previous knowledge of the security vulnerability within the company.

Mortgage lenders should develop a comprehensive program to identify potential risks of noncompliance with consumer protection rules and take corrective actions before the Biden-era Consumer Financial Protection Bureau comes calling.

The agency is looking to clarify existing regulations around how these accounts are handled, based on questions it received.

The departures of Bryan Schneider and Peggy Twohig come as the Biden administration's nominee to run the consumer bureau awaits Senate confirmation.

The CFPB missives are an early and unmistakable warning that the era of COVID-19 flexibility is over, write two partners and a law clerk from Buckley LLP.